That being said, the deceleration in growth appears to have come to a halt due partly not only to the economic stimulus measures implemented by the authorities since spring this year, but also to a pick-up in external demand. Meanwhile, what I am somewhat concerned about is the emerging economies, particularly those in Asia.
While one should be careful not to lump emerging economies together, since their economic performance differs substantially across countries and regions, it seems that the NIEs and the ASEAN economies will continue to lack growth momentum for the time being (Chart 3).