A rapidly aging society and a shrinking labor force could cause a 1 percentage point decline in average annual gross domestic product over the next three decades, according to the IMF.
"Going forward, with the utilization of artificial intelligence and the internet of things, we want to overcome the challenges coming from an aging society with low fertility," Abe said.
"We have already accumulated data and with the use of AI, we will make good use of the big data that we have. Thereby, we can contribute to other countries and regions, which may suffer from the same kind of challenges."
Abe refereed to this problem-solving concept as "Society 5.0" and used the medical field as an example: "With the use of big data and AI, we can shift to health management and preventive medical care and encourage those dependent on medical and nursing care to become more self supporting."
The use of robots and sensors can also alleviate the caregiver's burden, the PM noted.