Under such circumstances, other emerging economies and commodity-exporting economies have picked up on the whole, particularly reflecting a pick-up in exports and a bottoming out of commodity prices. Positive developments have started to be observed in Russia and Brazil, for which economic recovery had been lagging behind.
With regard to the outlook, the growth rates of overseas economies are expected to increase moderately as advanced economies continue growing steadily and a recovery in emerging economies takes hold on the back of the steady growth in advanced economies and the effects of policy measures taken by emerging economies.