George H.W. Bush: “Japan: A Strategy for World Growth January 8, 1992 President Bush and Prime Minister Miyazawa today announced A Strategy…”

“Japan: A Strategy for World Growth January 8, 1992 President Bush and Prime Minister Miyazawa today announced A Strategy for World Growth designed to strengthen the world economy. The President and Prime Minister expressed concern that growth of the world economy in 1991 slowed to the lowest level in nearly a decade. They recognized that the outlook for growth of the world economy this year is weaker than previously expected. This situation could adversely affect the prospects for income and jobs, undermine the efforts of newly emerging democracies and the developing countries to implement sound market-oriented economic reforms, and raises the spectre of renewed protectionism. The United States and Japan are the two largest countries in the world economy, together accounting for nearly 40 percent of total global production and more than 20 percent of world trade. The President and Prime Minister, aware of a special responsibility placed on their countries by their position, recognize that each country needs to pursue responsible economic policies that strengthen the international economy and global trading system. They have decided to undertake domestic policies to improve growth prospects, as a part of a cooperative effort which contributes to the attainment of sustainable growth with price stability and the promotion of global economic recovery.…”