Recent Developments and Outlook for Economic Activity and Prices I will begin my speech by talking about recent developments in economic activity and prices. Overseas economies have recovered moderately on the whole, but slowdowns have been observed, mainly in advanced economies (Chart 1). The U.S. and European economies have slowed somewhat, reflecting a surge in inflation and a continued rise in policy rates.
In Europe, the situation in Ukraine has continued to have an impact. The Chinese economy has recovered from being pushed down as the impact of lockdowns implemented around spring 2022, such as in Shanghai, has generally dissipated.