Economic indicators released after the turn of the year have suggested that Japan’s economy appears to be gradually getting out of the pause. Exports have started to resume an uptrend, as evidenced by high growth across almost all the regions and goods in December 2010. Production, partly reflecting such export developments, has been continuing to increase since November.
Russia’s war against Ukraine has cast a dark shadow over our continent and is likely to trigger a slowdown in growth and higher inflation in the near-term. After the largest contraction on record in 2020, the euro area economy transitioned to a firm path of recovery in 2021.