Indeed, the pace of economic recovery may slow temporarily, particularly around early next spring, when the effects of various economic  2  BIS Review 2/2010  stimulus policies are expected to subside. This tendency will be stronger in regional economies that depend heavily on public investment.
However, in my view, it is unlikely that the recovery of the economy will stall at that time. This is because, advanced economies, including Japan, have made clear that they intend to continue with economic stimulus measures until economic recovery is assured. Also, the strength of domestic private demand in emerging economies is likely to remain self-sustaining.