November/December 2021 (ISSUE 240) VOLUME 40 No.6

Economic Recoveryin 2022 – the BattleBetween the Delta
Variant & Vaccines

COVER STORY

Economic Recovery in 2022 –the Battle Between
the Delta Variant & Vaccines
51

PUBLISHER’S NOTE

How Can We Achieve Economic Growth During& After the Pandemic?
By Masakazu Toyoda

2

COVER LEAD

Economic Recovery in 2022 – the Battle Between
the Delta Variant & Vaccines
By Naoyuki Haraoka

5

COVER STORY

49 SPECIAL INTERVIEWInterview with Cynthia Usui, Country Manager at LOF HotelManagement, JapanA Housewife’s Journey from Motherhood to Management
By Japan SPOTLIGHT

SPECIAL ARTICLE

52 1 The Coming of Age of India’s Gig Economy
By Rajesh Williams

56 2 Demographic Changes & the Design of Public
Finances & Social Security Structures
By Kazumasa Oguro

60 3 Geopolitical Risk in the Myanmar Crisis
By Yoshihiro Nakanishi

64 STUDENT VIEW
Creating an Online Community for Foreign Students
During the Covid-19 Pandemic
By Mayumi Watabe

66 ECONOMIC INDICATORS FOR JAPANInflation Rate Turns Negative on Reference Year
Revision
By Nobuo Iizuka

NEXT ISSUE
We will highlight “Geopolitics in 2022” in our Jan./Feb. 2022 issue.
The long-term possibility of a confrontation between democratic
governance and authoritarian regimes, as well as specific issues
such as cybersecurity and Afghanistan, will be examined. Our next
issue will be published on our website on Jan. 10, 2022.

Studies Branch at the Economics Department of the OECD

Long-Term Prospects for the OECD Economy
Under the Risk of the Delta Variant
By Japan SPOTLIGHT

9C O N T E N T S

1 Interview with Álvaro Santos Pereira, Director of the Country

2 Digital Asia: Responding to Challenges fromGVCs Digitalization, US-China Decoupling &the Covid-19 Pandemic
By Lurong Chen

13 3 Interview with Dr. Joseph Gagnon, Senior Fellow at the Peterson
Institute for International Economics in Washington D.C.

Strong US Economy Could Turn Global
Economic Outlook Positive as the Delta Virus
Variant Increases Uncertainty
By Japan SPOTLIGHT

18 4 Interview with Dr. Stefan Kooths, Director of the Business Cycles& Growth Research Center at the Kiel Institute, Germany

Free & Open Competition Would Play a Key
Role in Maintaining Sustainable Growth inEurope
By Japan SPOTLIGHT

23 5 Asia in the Global Dynamics of Embracing

the Digital Revolution: Performance &Strategic Priorities for Policy Action
By Khuong Vu

31 6 Interview with Dr. Keiichiro Kobayashi, a Member of theGovernmental Advisory Committee on Countermeasures Against
the Coronavirus Pandemic

Outlook for the Japanese Economy with theDelta Variant
By Japan SPOTLIGHT

35 7 Capital Investment Cycle to Lead Japan’s

Post-Coronavirus Economy in Overcoming
Structural Deflation
By Takuji Aida

40 8 Stress Test: Supply Chains, Inflation & aFuture for G7 Economic Cooperation
By Stephen Paduano

44 9 Confronting the Hazards of Rising Private

Sector Leverage
By Adolfo Barajas

Publication date: November 10, 2021 (Published on the 10th of every odd month)
Publisher: Masakazu Toyoda, Chairman & CEO, Japan Economic Foundation (JEF)
Editor-in-Chief: Naoyuki Haraoka
Editorial Staff: Masako Watanabe, Asuka Niwa
Design: PRITECH Co., Ltd.

https://www.jef.or.jp/journal/

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Materials may not be reproduced without written permission.

The opinions expressed in the articles published in Japan SPOTLIGHT are those of the authors and do not necessarily reflect the views of the Japan Economic Foundation.