With regard to the outlook, although overseas economies are projected to remain slightly subdued for some time, they are expected to gradually increase their growth rates as advanced economies continue growing steadily and the effects of such steady growth spread to emerging economies..
Even though several years had passed since the Lehman shock, overseas economies remained unable to emerge from the phase of post-crisis adjustment; that is, the chronic economic downturn. Subsequently, these economies were struck by multiple waves of significant shocks, including the worsening of the European sovereign debt problem and concern about a potential disintegration of the euro, as well as a delayed recovery in the employment situation and the fiscal problem in the United States.
Specifically, overseas economies, including those that currently are growing at a rapid pace, seem likely to slow to more steady and sustainable rates of growth as the effects of inventory restocking and stimulus measures abate. The uptrend in Japan's exports is expected to continue, but the pace of increase is likely to moderate gradually.
Overseas economies have not yet emerged from a deceleration phase, and overseas demand is somewhat weak. Domestic demand, by contrast, has been firmer than expected, mainly supported by reconstruction-related demand, and our assessment is that Japan's overall economic activity has started picking up moderately Chart 8.
While overseas economies as a whole are still in a deceleration phase, domestic economic activity has also been firm. Domestic demand-- including private consumption, public investment, and housing investment-- has been improving and this improvement has compensated for a delay in recovery in production and exports due to a slowdown in external demand.
With regards to the overseas economy, while the economy of United States expanded moderately, the global economy continues to lack strength due to the increased risk of a downward trend in the European economy attributable to the impact of the UK's decision to leave the European Union(EU), sluggish growth in China and developing countries, and other such factors, leading to a continued state of uncertainty.
With respect to overseas economies, members shared the recognition that they had been growing moderately on the whole, although slowdowns had been observed. Some members expressed the recognition that, while uncertainties regarding overseas economies had started to become apparent around last autumn, a deceleration in their growth pace was becoming clear recently, as evidenced, for example, by relatively weak economic indicators in China and Europe, as well as by a pause in the increase in IT-related goods production on a global basis.
海外経済は、総じてみれば緩やかな成長が続いている。
Overseas economies have continued to grow at a moderate pace on the whole.
海外経済は、総じてみれば着実な成長が続いている。
Overseas economies have continued to grow firmly on the whole.
海外経済は総じてみれば着実な成長を続けています。
Overseas economies have continued to grow firmly on the whole.
こうしたもとで、海外経済は、緩やかな成長が続いています。
In this situation, overseas economies have continued to grow at a moderate pace.
こうしたもとで、海外経済は減速した状態から脱していません。
Under these circumstances, overseas economies still have not emerged from the deceleration phase.
海外経済は、総じてみれば緩やかな成長が続いています(図表1)。
Overseas economies have continued to grow at a moderate pace on the whole Chart 1.
しかし、海外経済は全体としてなお減速した状態から脱していません。
However, overseas economies as a whole have yet to emerge from a deceleration phase.
こうしたもとで、海外経済は総じてみれば着実な成長が続いています。
In this situation, overseas economies have continued to grow firmly on the whole.
海外経済は、減速の動きがみられるが、総じてみれば緩やかに成長している。
Overseas economies have been growing moderately on the whole, although slowdowns have been observed.
今ほどご説明したとおり、海外経済は、減速した状態がやや強まっています。
As I have just explained, overseas economies have moved somewhat deeper into a deceleration phase.
海外経済は、地域間の相違がより明確になり、減速の兆しがみられ始めてきた。
Overseas economies have started to show signs of decelerating, with differences among regions becoming clearer.
海外経済は、新興国などの一部になお緩慢さを残しつつも、先進国を中心に回復しています。
Overseas economies-- mainly advanced economies-- have been recovering, albeit with a lackluster performance still seen in part of emerging economies.
Taking account of these developments, overseas economies are expected to start picking up, although slowdowns are likely to continue for the time being.
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