The share of households that expect to spend less than their annual income in the next twelve months has increased; a non-negligible share (about 20 per cent) of the households anticipating a decrease in their income also reported that they expect to save.
Moreover, even if the expansionary policies of the advanced economies were to lead to significant currency appreciation in emerging markets, the resulting drag on their competitiveness would have to be balanced against the positive effects of stronger  7  For the full text of the Group of Seven statement, see Bank of England (2013), “G7 Statement,” press release, February 12, www.forexmg-pt.com/2013/02/12/bank-of-england-publications-news-releases-news-release-g7statement.