BOJ Gov Kuroda says full global economic recovery is further down the road

Speech by Governor Kuroda at the 62nd Annual Meeting of the National Association for Business Economics

Topic is:
  • COVID-19 and the Global Economy: Impact and Challenges
Headlines via Reuters:
  • full-fledged recovery of global economy seems much further down the road
  • downturn of the asian economy has been moderate in comparison with other regions
  • asian financial markets have been able to weather impact of covid-19 due to build-up of foreign currency reserves, swift and aggressive implementation of fiscal and monetary measures
  • supply chains in asia have been disrupted due to strict public health measures
  • domestic demand has been weak in many asian economies, reflecting deterioration in employment and income conditions
  • recent pandemic has exposed certain vulnerabilities in asian supply chain networks
  • business reforms triggered by covid-19 are expected to boost productivity in asia in longer term
  • key for asia to achieving sustainable growth is to work toward realising inclusive, green and digital economy
  • covid-19 pandemic has highlighted importance of regional, international cooperation in implementing appropriate measures vs economic shocks
  • fundamental importance of globalization to global economy will not change