As for the Chinese economy, the effects of stimulus measures already have materialized in part, and such moves are likely to become more widespread. The European economy is projected to gradually move out of its deceleration phase as the effects of temporary factors such as the  3  tightening of gas emission regulations on automobiles are likely to dissipate.
Taking account of these developments, overseas economies are expected to start picking up, although slowdowns are likely to continue for the time being. What matters is the timing of the pick-up. On this point, the IMF forecasts that the global economic growth rate will start rising again in the second half of this year.