As for the outlook, the growth rates of emerging economies are likely to increase gradually, due mainly to the spread of the effects of the recovery in advanced economies and to the effects of the economic stimulus measures, although differences across countries and regions are likely to remain for the time being.
Risk factors to the overseas economic outlook are wide ranging, as exemplified by (1) uncertainties associated with the United Kingdom’s vote to leave the EU, (2) developments in emerging and commodity-exporting economies including China, (3) developments in the U.S.  BIS central bankers’ speeches  1  economy and the influences of its monetary policy, (4) the European debt problem among banks, and (5) geopolitical risks such as those in the Middle East.