According to the Blue Chip Economic Indicators, an average forecast for the US economic growth in 2001 was 2.6 percent in January, which was lower than four percent-plus in 2000 but not a significant slowdown. The forecast has now markedly declined to 1.1 percent, which is 2.4 percent point lower than the forecast made a year ago.
If Japan can find a way to address this challenge, it could become a pioneer  6  BIS central bankers’ speeches  in this field. The government has presented its New Growth Strategy, which covers a wide range of areas.