BIS Review 150/2009  1  The implications and policy dilemma The impact of major economies’ exit policy to EMEAP countries will depend on the degree of openness of a country from the point of view of both trade and financial account.
Incomes have continued to climb, and gains in household and business expenditures have been exceptionally strong. Although the data on hours worked suggest that growth of the economy has likely slowed this quarter from the first quarter’s torrid pace, the degree of slowdown remains in question. Evidence to date of a moderation in underlying domestic spending still is sparse.