The global economic outlook has become quite dark as central banks of each country implemented tight monetary policies to curb record inflation.The IMF lowered its global economic growth forecast for this year in a report on the global economic outlook released in April, and predicted a further decline in July.International Monetary Fund (IMF) President Kristalina Georgieva on the 6th (local time) cited the global spread of inflation, real interest rate hikes, slowing Chinese economic growth, and tougher sanctions against Russia over the invasion of Ukraine as threats to economic slowdown.He warned, “The global economic outlook has become darker since April,” adding, “The global economic downturn could hit next year.” “We are in a very rough sea,” he said, when asked if he could rule out a global recession, he replied, “The risk is growing, so we cannot rule it out.” Recent economic data show that some large economies, including China and Russia, contracted in the second quarter, pointing out that the risk is even higher in 2023.He said, “22 will be a tough year. But 2023 will be more difficult, he said, noting that while the long-lasting fiscal tightening will complicate the global economic outlook, it is important to control soaring prices.He said slowing economic growth may be a “payoff price” considering the urgent and urgent need to restore price stability. The Federal Reserve (Fed), the U.S. central bank struggling with high prices, raised its key interest rate by 0.75 percentage point last month, the largest amount in 28 years, to curb prices.In other words, it is a drastic prescription to tighten the money supply in the market, and there have been strong concerns that such a policy to curb prices will lead to an economic recession.Georgieva pointed out that the economic outlook is more multidimensional than two years ago, so energy exporters such as the United States are on a better footing, but importers are struggling.He went on to say that the IMF will lower its outlook for global economic growth in 2022 in the next few weeks, adding that it is currently finalizing the figure adjustment.Amid this gloomy outlook, South Korea is selling more than $3 billion worth of fighter jets and weapons to Poland in the aftermath of the Russian-Ukraine war.

Japan is seeking a comeback as a semiconductor cooperation system by joining forces with the government, and China is also trying to wage a war with Taiwan, shouting for one China in the third period of the Xi Jinping administration.In addition, it is creating a confrontation with the U.S. economy and military.These three countries also have beneficial foreign policies against North Korea and securing energy in many ways.South Korea and China are currently facing a series of unsold construction companies and development builders are struggling to fast on funds due to a slump in real estate and high interest rates, and are blocking oppression and external reporting with a blockade, calling for a labor strike (Korea). Japan’s economy contracted unexpectedly for the first time in a year in the third quarter of this year amid global recession risks, weak yen and rising import costs, hurting household consumption and businesses, adding to uncertainty about future prospects.Japan’s economy, the world’s third-largest, has been struggling despite the recent lifting of Corona controls, and pressure is intensifying due to hot global inflation, rapid interest rate hikes around the world, and the Ukrainian war.According to official data, GDP fell 1.2 percent at an annual rate during the three-quarter annual rate.This compares with a 1.1% increase predicted by economists and a 4.6% increase in corrections in the second quarter. This was interpreted as a 0.3% decrease on a quarterly basis, contrary to the forecast of 0.3% growth.In addition to being pressured by the global economic downturn and soaring inflation, Japan is dealing with the yen’s depreciation against the dollar to its lowest level in 32 years.The yen has raised prices for everything from fuel to food. All three countries are in a dark situation, but I wonder what kind of thoughts and situations the people will have

JENNIFER KIM

ASIA JOURNAL

On May 2nd, this year’s Met Gala event was held with a theme paying homage to a quintessential era of American history, the Gilded Age. The Gilded Age marked a period of rapid economic growth in America due to industrialization and the influx of foreign – largely Chinese and European –  immigrants that contributed largely to the labor force of that time. This is why it only made sense to see the numerous Asian celebrities make their way onto the infamous red carpet at New York City’s very own Metropolitan Museum of Art.

Like every other year, the 2022 Met Gala is held as a fundraising event for the Metropolitan Museum of Art’s Costume Institute and only the elite are invited to grace those iconic Met stairs while donned in elegantly designed attire. Prior to recent years, it was a bit more uncommon to see Asian faces on the attendance roster. However, with the surge of K-Pop and Asian-centered films such as “Parasite,” “Crazy Rich Asians,” “Shang-Chi and the Legend of the Ten Rings,” and most recently “Everything Everywhere All At Once,” fans are starting to see more familiar faces at high-profile events.

Spectators of the Gala were buzzing at the appearances of Asian and Asian American celebrities such as Grammy award winner Olivia Rodrigo, Youtuber-turned-hit-musician Conan Gray, “The Venom” star Riz Ahmed, “Crazy Rich Asian” actress Gemma Chan, Chinese-American Olympian Eileen Gu and many more.

Actress and model Hoyeon Jung from “Squid Game” graced the red carpet wearing a cutout Louis Vuitton mini-dress and natural makeup inspired by the oil paintings from the Gilded Age. Her prep team entirely consisted of Korean staff, and her makeup artist, Nina Park, even told Vogue, “We feel deeply connected and proud to not only support Hoyeon but also see how amazing it is for the world to take notice of and support a Korean actress and show. It feels like family and is so surreal.”

Another A-lister to attend was NCT’s Johnny Suh, donning a three-piece satin suit designed by Peter Do. The Chicago-born K-Pop star told Vogue, “Growing up as a teenager in the States, I’ve always seen all of the stars I loved attending.” Do, a Vietnamese-American designer, joined him on the red carpet. He expressed his attention to detail when it came to constructing the outfit and explained, “We took the traditional satin lapel of a tuxedo—which was popularized throughout America in the Gilded Age—and decided to render the whole suit in a sleek black silk crepe backed satin.”

Not only did this event open up doors for Asian and Asian American celebrities but it spotlighted the many amazing Asian staff and designers who took part in bringing all these looks together. Seeing how foreign immigrants played a big role in building the foundations of the U.S., the representation of Asian American and Pacific Islander groups in events emphasizing American culture proves to be important.

JULIE KIM

ASIA JOURNAL

Experts Found 2020 Census Data Overcounted Asian Americans

Recently, a new report card from the United States Census Bureau was released, detailing which ethnic communities were either undercounted or overcounted. This coverage error – a measure of disagreement between the census counts and independent estimates of the population size, according to the source – exhibited that there were some significant discrepancies in 2020 data. African Americans, Native Americans, Hispanic and Latino Americans were severely undercounted whereas Asian Americans were overcounted. To be precise, Asian Americans were estimated to be overcounted by 2.62 percent. This means that many were tallied twice.

Advocates and experts from AAPI Data claim that the lack of public and private investments in educating Asian Americans about the census could negatively impact AAPI communities, especially those in larger cities and states saturated with growing Asian populations. In fact, according to the 2020 Census Barriers, Attitudes, and Motivators Study (CBAMS) Survey, “38% of Asian Americans said that they were either ‘not too familiar’ or ‘not at all familiar’ with the Census.” 41% of Asian American survey-takers even believe that their answers to the Census would be used against them.

Considering that many Asian Americans are born from foreign countries and a more limited understanding of the English language compared to many other ethnic minorities, community leaders believe that they need additional outreach and education to provide the Census with accurate answers.

In this case, overcounting may have happened due to university students or homeowners with multiple properties completed the Census in different counties or states. This could skew the data into having people believe that Asian Americans have a socio-economic advantage, when in reality the latter is an ethnic group with the largest wealth gap in the country. The data discrepancy also provides strong implications of Asian Americans being the “model minority” when the trope is actually harmful to Asian communities with a disadvantaged socio-economic history.

A spokesperson from AAPI Data, Howard Shin, stated, “There’s significant portions of the Asian community that are harder to count, that are unaware of the importance of being counted or have language issues.”

So far, only five states have passed laws regarding data collection of major racial groups. Those states are California, Minnesota, North Carolina, Oregon, and New York. Community leaders implore state and federal governments to implement efficient efforts to educate multiple ethnic groups about the Census and about the importance of how this could benefit people of color.

JULIE KIM

ASIA JOURNAL