Economic Developments  Global Economy Global Growth Rate (IMF Projections) 6.0  y/y % chg.  World Trade Volume 6  y/y % chg.  5  5.5  4 5.0  2020: +3.5%  4.5  3 2  2018: +3.6%  1  4.0  0 3.5  -1 CY 12  3.0  13  14  15  16  17  18  19  Global Manufacturing PMI  2.5  2019: +3.2%  Average from 1980 through 2018: +3.5%  2.0  Global economy Advanced economies Emerging and commodity-exporting economies  59 s.a., DI.
In response to such a situation, central banks including the Bank of Japan have hammered out various innovative measures. As I look back on the 40 years since I started to work at the Bank, and look out at you as you attend this lecture, I cannot help wondering what will happen during the coming 40 years.