Looking at movements by major region, the U.S. economy has continued to recover, assisted by household spending, although adjustments have been seen in the industrial production sector, mainly on the back of the decline in crude oil prices and the appreciation of the U.S. dollar. The European economy has been on a moderate recovery trend.
The Chinese economy has maintained its stable growth as a trend but there has been downward pressure from an overhang in supply capacity in the manufacturing sector and adjustments in the real estate market. Apart from China, emerging and commodity-exporting economies as a whole have shown sluggish growth, due in part to the effects of the slowdown in the Chinese economy.