On the other hand, European economies, mainly for the services industry, have continued to be pushed down with the impact of the resurgence of COVID-19 remaining. As for the outlook, overseas economies are likely to continue recovering on the whole, led by growth in China and the United States for the time being.
Nevertheless, the pace of economic improvement is highly likely to be uneven across countries and regions, mainly due to differences in the future course of COVID-19, the pace of the vaccine rollout, and the stance on fiscal policy conduct (Chart 1).