With advance economies seeing firm recovery, major global economies are expected to moderately increase their growth rates-BOJ

The overseas economies are expected to moderately increase their growth rates as advanced economies continue to see firm recovery and its positive effects gradually spread to emerging economies, according to Bank of Japan (BOJ) latest report. Looking at major countries and regions, the U.S. economy is expected to gradually accelerate its pace of recovery, as the fiscal drag will fade and an improvement in the employment and income situation will become evident.

While adjustment pressure associated with the European debt problem is likely to remain, the European economy is expected to move from a pick-up to a moderate recovery, supported mainly by an improvement in households' and firms' sentiment.

The Chinese economy is likely to continue to see stable growth, albeit at a slightly slower pace, as authorities carry out policy measures to support economic activity while progressing with structural reforms. Meanwhile, other emerging and commodity-exporting economies will likely continue to lack growth momentum for the time being, but they are expected to gradually increase their growth rates due to positive effects of recovery in advanced economies, on the assumption that global financial markets remain generally stable.

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