Introduction of the Speech
It is my great pleasure to have the opportunity to give a speech at the Emerging Markets Forum today.
The situation surrounding emerging economies has been changing rapidly. The global economy has recently been slowing down and there are various downside risks, ranging from trade tensions to geopolitical risks.
At this difficult point in time, it is critically important for the global economy that emerging economies achieve sustainable growth. As you well know, after the global financial crisis, the growth of emerging economies contributed significantly to the recovery of the world economy. Over 70 percent of the recovery in the global economy since 2009 is due to the contribution of emerging economies. It would not be too much to say that the performance of emerging economies is key to the global economy.
From the medium- to long-term perspective, there have been constant structural changes, including further globalization, advances in digital technologies, and climate change. For emerging economies to achieve sustainable growth, it is essential to have a long-term vision for the economy and society, and to navigate the transition process successfully. Making use of the fruits of the G20 meetings under Japan’s presidency this year, I would like to take up three topics today that are particularly important to the medium- to long-term development of emerging economies. Namely, promoting financial inclusion, achieving sustainable growth, and addressing the prospective aging of the population.
Read and download here the full speech: For Sustainable Development of Emerging Economies by Haruhiko Kuroda, Governor, Bank of Japan