Economic growth in Asia was kindled by the remarkable post World War II recovery of Japan in the 1950s and 1960s, and stretching into the 1980s when Japan became the second largest economy in the world.
These relate to temporary issues in the automotive sector due to new regulation, street protests and weather conditions. While there is uncertainty about the magnitude and persistence of these factors, near-term growth in the euro area is likely to be weaker than previously anticipated. Turning to the global environment, global growth is showing signs of a maturing economic cycle.