英語 での Supply-side constraints の使用例とその 日本語 への翻訳
{-}
-
Colloquial
-
Ecclesiastic
-
Computer
-
Programming
Supply-side constraints in social protection are critical, but solutions should also pay attention to sustainability.
The first aspect is when, how,and to what extent the current supply-side constraints that Japan's economy is facing will be removed.
As I mentioned at the beginning,production plunged immediately after the earthquake as the economy abruptly faced supply-side constraints.
Supply-side constraints are still in evidence and downward pressure on production will remain for the time being, although there are also signs of recovery.
The current situation Japan's economicactivity has been picking up steadily as the supply-side constraints caused by the disaster have been gradually resolved.
After all, when the supply-side constraints are resolved, developments in overseas economies will be the most significant driver of Japan's economic activity in the short run.
Of course, infrastructure and power heavily impact the rest of the economy andmany people argue that Indian inflation is the result of such supply-side constraints.
Japan's economic activity has been picking up steadily as the supply-side constraints caused by the earthquake disaster have eased due to efforts from concerned parties.
Aid for trade is also critical in helping least developed countries, which continue to experience difficulties in fully utilizing preferential schemes andin overcoming supply-side constraints.
First, exports declined sharply due to the supply-side constraints caused by the disaster, while imports of intermediate goods increased to make up for shortages in domestic supplies.
Looking at corporate activities, it has been a couple of years since the output gap turned positive. Although it differs by industry, firm size,and other factors, supply-side constraints have been the bottleneck in firms' growth on the whole.
A different member said that, amid a gradual increase in supply-side constraints, it was becoming increasingly important to address structural reforms including labor market reform.
Meanwhile, some members pointed to the possibility that, based on the March 2018 Tankan(Short-Term Economic Survey of Enterprises in Japan) and the reports at the April 2018 meeting of general managers of the Bank's branches,some firms had come to experience increased supply-side constraints such as shortages in labor and parts.
Looking at the developments thereafter, supply-side constraints were removed at a pace faster than expected and, around the summer, economic activity almost recovered to the pre-quake level.
The Bank of Japan judges that Japan's economy for the time being is likely to continue facing strong downward pressure, mainly on the production side.But from the beginning of autumn 2011, supply-side constraints are likely to ease as the power shortage problem is mitigated amid the progress with reconfiguration of supply chains.
Taking these points into account, it is unlikely that the supply-side constraints will be removed anytime soon. I must say that Japan's economy is likely to remain under strong downward pressure, mainly on the production side, for some time to come.
In those ways,"strength in the field," or genbaryoku, of Japan's economy has been fully exerted in the experience of the recent earthquake disaster Outlook and risk factors for Japan'seconomy Japan's economy is in a situation in which supply-side constraints were almost removed and economic activity will be determined by demand-side developments.
The forecasts assume that reforms are undertaken to ease supply-side constraints(particularly in energy and infrastructure) and to improve labor productivity, fiscal consolidation continues, and a credible monetary policy stance is maintained.
During the period between the time of the quake until summer, the pace of economicrecovery had been determined by the speed at which supply-side constraints were being resolved. However, as they have now almost been resolved, the key is demand-side developments from now on.
It is imperative to remove supply-side constraints and export restrictions, replace general food subsidies in developing countries with well-targeted help for the poorest, and improve the efficiency of international agricultural markets, including through the successful conclusion of the Doha Development Round.
This narrowing seems to be affecting prices to some extent. Nevertheless, it should be noted that this situation seems to reflect not only the demand-side pick-up butalso supply-side constraints, and therefore attention needs to be paid to the possibility that the mechanism of economic and price recovery could be different from what the Bank initially aimed for.
While labor shortages have continued and supply-side constraints gradually have become apparent, as evidenced by delays in procurement of some components in the manufacturing sector and an increase in front-loaded orders placed in anticipation of future delays, firms are becoming more active in making business fixed investment intended to promote labor saving and expand production capacity.
Even from a macroeconomic perspective,although downside risk has been receding with respect to the supply-side constraints that emerged immediately after the earthquake, Japan's economy is starting to confront another new problem of uncertainty regarding electric power supply in the long run.
However, if crude oil prices rise further, due to,for example, supply-side constraints, the global economy may be adversely affected by a decline in real purchasing power in non-oil-producing countries, or rising concerns over increasing inflationary pressures worldwide with a concomitant rise in interest rates.
In this respect, we welcome focus on results andeffectiveness of aid for trade initiatives addressing supply-side constraints, especially the least developed countries, and strengthening regional integration, and encourage our developing country partners to integrate trade into their national development strategies.
In Japan's economy today,monetary policy has exerted its intended effects, and supply-side constraints such as shortages of labor and capital have become evident amid an improvement in the output gap. Given this situation, now is the best opportunity for firms to promote investment in human resources and capital for the purpose of raising labor productivity.
One of these members noted that efforts on thepart of firms having faced supply-side constraints-- namely, to raise productivity and make investment aimed at increasing production capacity-- would support an expansion in the economy's supply capacity, thereby raising its long-term growth potential.
As for the first risk factor,there is great uncertainty regarding the timing when supply-side constraints will be resolved, the timing and scale of the restoration of damaged capital stock, and the impact on the economy of possible changes in consumer and business sentiment caused by the disaster.
Although there is a possibility that theeconomy will grow faster than expected if supply-side constraints ease earlier than anticipated, it seems to me that the downside risks stemming from uncertainties regarding the effects of the disaster require the most attention, simply because the disaster involved an unprecedented tsunami and a nuclear power plant accident.