He is not a proponent of harrying Berlin to reflate to boost domestic consumption.
According to the new government, deflation is the biggest hurdle to Japan's efforts to boost domestic consumption.
The Bank of Japan has also raised its inflation target to 2% in a further attempt to boost domestic consumption.
Meanwhile, policymakers have found it tough to boost domestic consumption in South Korea, which has also affected growth.
Chinese officials say they plan to boost domestic consumption as a share of GDP, and Woo is a believer.
Although the firm had pinned its hopes on international growth, it was China's effort to boost domestic consumption through a massive fiscal stimulus that prevented a worse outcome.
Since then, the Chinese government has supported higher wages in part to address labor unrest, but also as way to boost domestic consumption and reduce reliance on exports to expand the economy.
Mr Wood argues that China is doing more to boost domestic consumption (for example, through incentives to stimulate purchases of cars and consumer durables, and increased health-care spending) than America is doing to boost its saving.
In an attempt to offset the decline in foreign sales, India has been trying to boost its domestic consumption to sustain growth.
Countries with external surpluses need to boost consumption and domestic demand.
The fund also urged China to reduce its reliance on investment to boost growth and instead focus on domestic consumption in the country.
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