JAPAN-WE SHOULD BRACE FOR ECONOMIC TROUBLES NEXT YEAR
Himeji castle in Hyogo, a favorite site of tourism industry, Apr 2008. Wikimedia Commons
The Japan Times-Dec 27
The year that is ending witnessed a remarkable economic performance. It began with robust growth in all the world’s major developed and developing economies. Politicians rejoiced as just-released figures for the third quarter of 2017 showed that Japan’s economy grew an annualized 2.5 percent, the U.S. expanded 3.3 percent, China grew 6.9 percent and India’s economy expanded 6.3 percent, to name but four top performers. It is concluding, however, with plunges in markets worldwide and widespread expectations that 2019 could be the worst year since the Great Recession of 2009. Policymakers must begin preparing for the anticipated downturn, ensuring that they have the tools to respond. In some cases, that means ignoring the fulminations of politicians whose interests are more short-term and whose preferences could prove dangerous.
First published in: The Japan Times