I sincerely hope that the year 2018 will be a wonderful one for all of you, and that you will overcome the challenges posed by labor shortages, helping Japan's economy to enter a new  10  phase. The Bank will continue to provide you with the maximum support in our role as the central bank. Thank you for your attention.
11  Overcoming Labor Shortages: Prospects for Sustainable Economic Growth Speech at the Meeting of Councillors of Nippon Keidanren (Japan Business Federation) in Tokyo  December 26, 2017 Haruhiko Kuroda Governor of the Bank of Japan  Chart 1  Global Economy World Trade Volume and Real GDP of the Global Economy 20  Projections for Global Real GDP Growth  y/y % chg. 10  y/y % chg.  9 15  8 7  10  IMF projection  6 5  5  4 3  0  2 1  -5  0 -10 -15  Trade volume Real GDP  -1  World output  -2  Advanced economies  -3 -4  -20 CY 05 06 07 08 09 10 11 12 13 14 15 16 17  Emerging market and developing economies  -5 CY 05 06 07 08 09 10 11 12 13 14 15 16 17 18  Notes: 1.