10 October 2001, 14:40 Minus growth possible due to terrorist attacks: Takenaka
TOKYO, Oct. 10 (Kyodo) - Economic and fiscal policy minister
Heizo Takenaka warned recently that the Japanese economy could see
minus growth due to the Sept. 11 terrorist attacks on the United
States, a nonprofit organization (NPO) said Wednesday.
In an interview last Wednesday, Takenaka said, "We must brace
ourselves for the possibility of a severe situation where growth is
minus," according to transcripts released on Genron-NPO's Internet
site the same day.
Genron-NPO is a Tokyo-based NPO that provides a forum for
academics and specialists in the private and public sectors.
"The terrorist attacks were a devastating external shock, and
it is inevitable that we will not remain unscathed...We must endure
and absorb (the shock)," Takenaka was quoted as saying.
The minister emphasized that he was not thinking of implementing
more public works to boost the economy.
"Fundamentally, I have absolutely no intention of making public
spending," Takenaka said, noting the budget should be used to
precipitate economic reforms needed to strengthen the supply side
of the economy.
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