Japan and the EU will intensify their efforts to implement their respective reform agendas in order toincrease the growth potential of their economies.
我々は、最も脆弱な人々に特に注意を払いつつ、我々の経済の潜在成長を向上させる措置を実施する。
We will implement measures that will enhance the growth potential of our economies in a manner that pays particular attention to the most vulnerable.
に満たない潜在成長率、企業部門の膨大な貯蓄余剰は、未来を構想する力の欠如を示していないか。
A potential growth rate of less than 1% and the massive savings surplus of the corporate sector speak to Japan's inability to plan its future.
年6.9%で過熱したところから、潜在成長率6%台前半へ向かう過程。
Overheated at 6.9% in 2017, it is in the process of coming to a potential growth rate in the lower 6% range.
However, even if the potential growth rate is 1 percent, if the inflation rate is 0 percent, the room to reduce the interest rate amounts to only 1 percent as the level of the neutral interest rate is 1 percent.
It may be that,as a result of progressing with structural reform under the growth strategy, the potential growth rate may rise, worsen the output gap temporarily, and put downward pressure on prices.
Raising the potential growth rate was the biggest challenge for Japan's economy even before the earthquake, but the efforts to do so by raising both the labor participation rate and productivity have now become all the more important.
If such reform leads to rises in labor productivity andthe labor force participation rate, the potential growth rate will increase from a longer-term perspective and firms' expected rates of return and households' permanent income also will increase.
The real GDP growth rate for the July-September quarter of 2015 increased by an annualized quarter-on-quarter growth rate of 1.4 percent,which exceeds the potential growth, due mainly to an increase in domestic private demand.
Today we reviewed the two following priority areas of actions to maximize growth potential and economic resilience in developing countries, food security and infrastructure, that will be taken forward by our Leaders in Cannes.
I would like to take this opportunity to offer you my thoughts on the relationship between the Bank of Japan's monetary policy andthe strengthening of Japan's growth potential, which is the topic of this panel discussion.
As part of our overall objective for growth and jobs,we commit to maximise growth potential and economic resilience in developing countries, in particular in Low-Income Countries LICs.
In order for the public to be able to enhance the quality of life in a sustainable manner,it is absolutely necessary that Japan's growth potential be strengthened through an improvement in the productivity growth rate and the potential growth rate.
In the medium to long run, however,labor-saving investment will likely contribute to raising Japan's growth potential through productivity improvement and technological progress, such as utilization of the Internet of Things(IoT) and artificial intelligence AI.
In order to lift the potential growth rate to 2 percent, for example, it is imperative to make serious efforts both to increase the number of workers and to raise the labor productivity growth rate.
After the bursting of the bubble, the lowering of potential growth brought about a large decline in the natural rate of interest, which is the guidepost for monetary policy formulation Chart 3.
One is that financial stability is the foundation of sustained growth of the economy,and another is that changes in potential growth amplify the financial cycle and consequently impact financial stability.
At the same time, in order to raise the potential growth rate even further, it is not the role of monetary policy but that of the government which is equipped with policy tools including regulatory reform.
If considering the long-term average growth rate to be the potential growth rate, it is assumed that India's potentialgrowth rate has increased by 1% PT under the Modi administration compared with the last days of the Singh administration.
The Abe administration estimates the potential growth rate at 2% and sets the consumer price increase rate at 2%; therefore, the GDP deflator will be about 1% and the nominal GDP growth rate 3.
However, the Bank is of the view that, regardless of the pace of the rise in the potential growth rate, the price stability target of 2 percent should be achieved at the earliest possible time.
From a supply-side perspective,a decline in the growth rate of the working-age population lowers the growth potential of the economy and thus the natural rate of interest.
In Japan,the rate of real GDP growth has exceeded that of potential growth since fiscal 2013, thereby contributing to a significant improvement in the output gap.
Need to Explore Frontiers by Exerting Japan's Strength In a macroeconomic analysis of economic growth of the country as a whole,the concept of potential growth rate is often used. This corresponds to the ability of firms' management to keep generating new added value at the microeconomic level.
In Japan, real interest rates remained high due to deflation expectations while the naturalrate of interest declined due to a decline in the potential growth rate. As a result, despite the low nominal interest rates, monetary accommodation remained insufficient and could not sufficiently stimulate the economy.
The drop in the working-age population and the arrival of this Lewisian turning pointwill not only lower China's potential growth rate, but also will have a large impact on wages, prices, income distribution, economic structure, government economic policies, international trade, and direct investment.
In China,against the backdrop of the labor market turning from surplus to shortage, the potential growth rate has declined sharply, and improved productivity will be the key to maintaining the current pace of medium to high speed growth..
Moreover, to encourage firms to make active fixed investment in Japan andincrease the potential growth rate through accumulation of capital stock, it is necessary that the government take various measures to increase firms' medium- to long-term expectations for the growth rate of domestic demand.
Therefore, monetary policy to overcome deflation and maintain inflation at about 2 percent in the medium to long term is a necessary condition to promote structural reforms in order toraise the potential growth rate. This has been my view even since before I became Deputy Governor of the Bank.
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