Productivity Also Has Risen Since the introduction of QQE, there has been heated debate over the importance of growth strategy; this is because, even though employment has increased, productivity has not risen, and economic growth will not continue without a rise in productivity.1 In fact, however, productivity has risen, as indicated in Chart 3.
The decision was based on our view that monetary policy settings remain appropriate for the time being, with global economic growth remaining subdued on one hand, and early signs of recovery in domestic economic activities on the other. Indeed, the BSP has done quite a lot. Even so, our tool kit is far from being exhausted.