What is Abenomics? How Shinzo Abe sought to revive Japanese economy with his policies

New Delhi: Japan`s longest-serving prime minister Shinzo Abe was shot during a campaign speech on Friday. The 67-year old Japanese ex-PM has been rushed to hospital and is in cardiopulmonary arrest.

Shinzo Abe was hugely popular for launching his "Abenomics" policies to lift the Japanese economy out of deflation. The two arrows of Abenomics -- structural reform and plans for fiscal consolidation -- was touted as an intrinsic element to achieve the inflation target and higher sustained growth in the Land of Rising Sun.

Abe, who quit abruptly as premier in 2007 after one year in the post, swept back for a rare second stint in 2012 pledging to revive a stagnant economy, loosen the limits of a post-World War Two pacifist constitution and restore traditional value, said a Reuters report.

Here is understanding Shinzo Abe's Abenomics in 5 broad points

1. How Abenomics came to light in common parlance

He first took office in 2006 as Japan`s youngest prime minister since World War Two. He quit a year after his stint was eclipsed by political scandals, voter outrage at lost pension records. Abe cited ill health behind the cause of his resignation. Five years after resigning, he launched a three-pronged "Abenomics" strategy to beat persistent deflation and revive economic growth. The policies were aimed at bringing about structural reform that was pointed towards dealing with an ageing and shrinking population, said Reuters.

2. Abenomics helped to boost Japan`s economy

Infact market observers opined that Abenomics, helped Japan`s economy speed past many of its Group of seven counterparts in the first half of 2013, a year after Abe swept to power with a bold plan to end deflation and strengthen economic reforms.

3. Abenomics based on two pillars of reform and growth

Although there is no official estimate on the results of Abenomics that can be counted for the Japanese economy, the critics of it say that the policy is heavily focused on demand than on supply.

4. Relevance of Abenomics among Japanese public

In a nationwide poll released in 2016, 62 percent of Japanese public had showed their doubt about the effectiveness of Prime Minister Shinzo Abe`s economic policy mix dubbed Abenomics.

5. Critic of Abenomics

Some fierce critics of Abenomics including the opposition party has maintained that the policy upheld by the ruling LDP widened the country's wealth gap as the policy only promoted corporate earnings and share prices but failed to achieve higher wages.