Impact of the slowdown in China and emerging-market economies, geopolitical risks and the UK's withdrawal from the EU
First written in FY2017-Q1. 19 of 35 entries say "Worsened", first in FY2018-Q3. Latest entry: FY2026.
Kansai Paint moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Although the global economy showed signs of a gradual recovery during the fiscal year, the outlook remained uncertain due to heightened geopolitical risks, developments in U.S. trade policy and the increasingly tense situation in the Middle East toward the end of the fiscal year.」
In addition to the existing geopolitical risks and U.S. trade policy, the increasingly tense situation in the Middle East was identified, broadening the sources of uncertainty in the external environment. - 2026-05-11WorsenedEarnings
「Although the global economy showed signs of a gradual recovery during the fiscal year, the outlook remained uncertain due to heightened geopolitical risks, developments in U.S. trade policy and the increasingly tense situation in the Middle East toward the end of the fiscal year.」
Geopolitical risks, U.S. trade policy and the increasingly tense situation in the Middle East remained external environmental risks. - FY2026-H1WorsenedAnnual report
「During the period, the global economy showed signs of a gradual recovery, but the outlook remained uncertain owing to rising geopolitical risks and U.S. trade policy, among other factors.」
Uncertainty arising from geopolitical risks and U.S. trade policy continued to be evident. In Europe, the impact of higher tariffs was noted, while in China, economic stagnation resulting from trade issues and the stagnant real estate market was also described. - FY2025WorsenedAnnual report
「During the period, the outlook for the global economy remained uncertain against a backdrop of exchange-rate fluctuations accompanying policy rate changes by the United States, European countries and the Bank of Japan, rising geopolitical risks, uncertain policy developments including U.S. trade policy, and volatility in financial and capital markets.」
In addition to the existing geopolitical risks and other factors, exchange-rate fluctuations accompanying policy rate changes, policy uncertainty including U.S. trade policy, and volatility in financial and capital markets were identified. - FY2025-H1WorsenedAnnual report
「During the period, the outlook for the global economy remained uncertain, owing to exchange-rate fluctuations accompanying policy rate changes by the United States, European countries and the Bank of Japan, as well as rising geopolitical risks. Against this backdrop, although signs of an economic recovery were seen in China, concerns remained about an economic downturn resulting from stagnant real estate market conditions.」
Exchange-rate fluctuations accompanying policy rate changes and geopolitical risks continued to be evident, while concerns about a downturn in China’s economy resulting from the stagnant real estate market were clearly identified. - FY2024MitigatedAnnual report
「During the period, the global economy saw supply constraints easing and the rise in inflation slowing, but geopolitical risks remained elevated, underlying price pressures remained persistent, and monetary tightening continued, particularly in Europe and the United States, slowing the pace of recovery.」
The easing of supply constraints and the slowdown in rising inflation were evident, and some external-environment risks eased from the previous period. However, geopolitical risks, price pressures, monetary tightening and the slowing recovery remain. - FY2024-Q3MitigatedAnnual report
「During the period, the global economy saw supply constraints largely resolved and inflation showing signs of slowing, but geopolitical risks remained elevated, underlying price pressures remained persistent, and monetary tightening continued, particularly in Europe and the United States, slowing the pace of recovery.」
While supply constraints were largely resolved and inflation showed signs of slowing, geopolitical risks, price pressures, monetary tightening and the slowing pace of recovery remain. - FY2024-Q2WorsenedAnnual report
「During the period, the global economy showed signs of easing supply constraints and slowing inflation, but geopolitical risks remained elevated, underlying price pressures remained persistent, and monetary tightening progressed, particularly in Europe and the United States, slowing the pace of recovery. Against this backdrop, the recovery in China after the lifting of its zero-COVID policy remained slow, partly because of stagnant real estate market conditions. In Europe, high prices and monetary tightening resulting from interest rate hikes continued to weigh on economic activity.」
While supply constraints and inflation showed signs of easing, geopolitical risks, underlying price increases, monetary tightening and the slowing global economic recovery continued, with China’s stagnant real estate market and the economic drag in Europe also clearly evident. - FY2024-Q1Supply constraints and inflation temporarily ease, but recovery slowsAnnual report
「Although supply constraints and the impact of inflation temporarily eased during the period, geopolitical risks remained elevated, underlying price pressures persisted, and monetary tightening progressed in many countries, slowing the pace of the recovery.」
While supply constraints and the effects of inflation temporarily eased, geopolitical risks, underlying price pressures, monetary tightening and the slowing pace of the global economic recovery continued to be evident. - FY2023WorsenedAnnual report
「The global economy was on a recovery trend as the impact of the infection eased, but its recovery pace slowed as monetary tightening progressed in many countries due to global inflation, in addition to supply constraints and higher raw-material prices resulting from geopolitical risks.」
The document explicitly stated that supply constraints stemming from geopolitical risks, higher raw-material prices, global inflation and monetary tightening in many countries had slowed the pace of the global economic recovery. - FY2023-Q3WorsenedAnnual report
「During the period, the global economy's recovery slowed as many countries raised interest rates through monetary tightening in response to global inflation, in addition to supply constraints and higher raw-material prices resulting from geopolitical risks. Against this backdrop, China's economy remained weak due to lockdowns and other measures in response to the spread of the infection. In the US and Europe, interest-rate increases exerted downward pressure on the economy, but a moderate recovery continued.」
In addition to the previous supply constraints, higher raw-material prices, inflation and slowdown in China's economy, the document explicitly mentioned interest-rate increases in many countries and a slowdown in the global economic recovery. - FY2023-Q2WorsenedAnnual report
「The global economy was generally recovering moderately, but significant uncertainty continued due to supply constraints and higher raw-material prices resulting from geopolitical risks, as well as the impact of global inflation. Against this backdrop, China's economy slowed due to lockdowns and other measures in response to the spread of the infection. In Europe and the US, monetary tightening exerted downward pressure on the economy, but a moderate recovery continued.」
In addition to the continued impact of supply constraints, higher raw-material prices, global inflation and a slowdown in China due to lockdowns stemming from geopolitical risks, the downward pressure from monetary tightening in Europe and the US was also noted. - FY2023-Q1WorsenedAnnual report
「The global economy was generally on a recovery trend, but uncertainty was significant due to supply constraints and higher raw-material prices resulting from geopolitical risks, as well as the impact of global inflation. Against this backdrop, China's economy slowed due to tighter activity restrictions in response to the spread of the infection.」
In addition to the previous concerns about the infection, geopolitical risks and regional economies, the document explicitly mentioned supply constraints stemming from geopolitical risks, higher raw-material prices, global inflation and an economic slowdown in China due to activity restrictions. - FY2022-Q3ReframedAnnual report
「During the period, the global economy generally showed a recovery trend, although conditions varied by country and region. Against this backdrop, Europe continued to recover as economic activity resumed. In the US and China, the recovery trend paused due to downward pressure from renewed infections and supply constraints.」
While describing the global economy as generally recovering, the document newly stated that the recovery in the US and China had paused due to renewed infections and supply constraints. - FY2022-Q2MitigatedAnnual report
「During the period, the global economy generally continued to recover, although conditions varied by country and region.」
Except in some regions where COVID-19 was spreading again, the document described economic recovery in China, the US, Europe, other emerging Asian economies and Africa, indicating that global economic risks had eased from the previous period. - FY2021MitigatedAnnual report
「China recovered quickly from COVID-19, and its economy recovered. In the US, Europe, other emerging Asian economies and Africa, conditions remained severe, but signs of recovery or stabilization were seen in most markets, excluding some.」
Although uncertainty in the global economy due to the infection continued, the document described China's recovery and signs of recovery or stabilization in some markets. - FY2021-Q3MitigatedAnnual report
「Against this backdrop, China recovered quickly from COVID-19 and showed signs of an economic recovery. In the US, Europe, other emerging Asian economies and Africa, conditions remained severe, but signs of recovery or stabilization were seen in most markets, excluding some.」
Although uncertainty due to COVID-19 and geopolitical risks continued, the document described China's recovery and signs of recovery or stabilization in some markets in other regions. - FY2021-Q2WorsenedAnnual report
「During the period, uncertainty over the outlook intensified further due to the global spread of COVID-19, in addition to concerns about geopolitical risks. Against this backdrop, China recovered quickly from COVID-19 and showed signs of an economic recovery. In the US, Europe, other emerging Asian economies and Africa, conditions remained severe from April through June due to stagnating economic activity.」
The impact of COVID-19 further increased uncertainty over the outlook, and severe conditions caused by stagnating economic activity were indicated in major overseas regions other than China. - FY2021-Q1WorsenedAnnual report
「During the period, uncertainty over the outlook intensified further due to the global spread of COVID-19, in addition to concerns about geopolitical risks. Against this backdrop, economic conditions remained severe in the US, Europe and China, although signs of recovery were seen. Meanwhile, economic conditions remained severe in other emerging Asian economies and Africa, where they deteriorated rapidly recently as economic activity was constrained.」
The global spread of COVID-19 further increased uncertainty, and the document states that economic conditions in other emerging Asian economies and Africa have recently deteriorated rapidly as economic activity has been constrained. - FY2020WorsenedAnnual report
「In addition, the recent spread of COVID-19 continues to require close and cautious monitoring, as it is significantly increasing uncertainty surrounding all of these factors and all business areas in which the group is exposed to demand.」
In addition to the previous uncertainties involving geopolitics, trade, and the Chinese and emerging-market economies, the spread of COVID-19 was explicitly identified as a factor significantly increasing uncertainty across all business areas. - FY2020-Q3WorsenedAnnual report
「During the period, the global economy remained uncertain due to persistent geopolitical risks and political, policy and trade developments in various countries. Against this backdrop, weakness was seen in Europe, China and other emerging Asian economies. Overall, a moderate recovery continued, although it slowed, supported by personal consumption and government spending in the US.」
Amid continued uncertainty due to geopolitical risks and political, policy and trade issues, weakness in Europe, China and other emerging Asian economies and a slowdown in the global economic recovery were explicitly stated. - FY2020-Q2WorsenedAnnual report
「During the period, the global economy remained uncertain due to persistent geopolitical risks and political, policy and trade developments in various countries. Against this backdrop, weakness was seen in Europe, China and other emerging Asian economies, while overall moderate recovery continued, supported by personal consumption and capital investment in the US.」
Amid continued uncertainty due to geopolitical risks and political, policy and trade issues, the description expanded the regions showing weakness from China and Europe to other emerging Asian economies as well. - FY2020-Q1WorsenedAnnual report
「During the period, the global economy remained uncertain due to persistent geopolitical risks and political, policy and trade developments in various countries. Against this backdrop, weakness was seen in Europe and China, while economic recovery continued in other emerging Asian economies. Overall, a moderate recovery continued, supported by personal consumption and capital investment in the US.」
Amid continued uncertainty due to geopolitical risks and political, policy and trade issues, weakness in the European and Chinese economies is newly stated explicitly. - FY2019WorsenedAnnual report
「Although the outlook for the global economy includes risk factors such as developments in trade issues, the outlook for China's economy, policy uncertainty and volatility in financial and capital markets, a moderate recovery is expected to continue overall.」
In addition to the previous geopolitical, trade and policy risks, the outlook for China's economy and volatility in financial and capital markets are explicitly identified as risk factors. - FY2019-Q3WorsenedAnnual report
「During the period, the global economy remained uncertain due to persistent geopolitical risks and political, policy and trade developments in various countries. Against this backdrop, China's economy showed signs of a moderate slowdown, while economic recovery continued in other emerging Asian economies. Supported by strong corporate earnings and improving employment in the US and resilient personal consumption in Europe, the global economy overall continued to show signs of recovery.」
Amid continued uncertainty due to geopolitical risks and political, policy and trade issues, a moderate slowdown in China's economy is newly stated explicitly. However, this description does not indicate any direct damage to the group. - FY2019-Q2RestatedAnnual report
「During the period, the global economy continued to show signs of recovery, although uncertainty persisted due to rising geopolitical risks and political, policy and trade developments in various countries. In addition to strong corporate earnings and improving employment in the US and resilient personal consumption in Europe, emerging-market economies in Asia, including China, continued to recover as various policies took effect.」
Uncertainty in the global economy, including geopolitical risks and political, policy and trade issues, is reiterated. - FY2019-Q1ReframedAnnual report
「During the period, the global economy continued to show signs of recovery, although uncertainty persisted due to rising geopolitical risks and political, policy and trade developments in various countries. In addition to strong corporate sentiment and improving employment in the US and resilient personal consumption in Europe, emerging-market economies in Asia, including China, continued to recover as various policies took effect.」
In addition to the previous uncertainty stemming from political and policy developments, trade issues are explicitly mentioned. - FY2018RestatedAnnual report
「Although the outlook for the global economy includes concerns about the direction of economic and financial policies under the new US administration, uncertainty over the outlook for China and other emerging-market economies, and the impact of geopolitical risks, the Indian economy is expected to continue growing strongly, the US economy to recover steadily, and the European and ASEAN economies to recover moderately.」
US policy, emerging-market economies and geopolitical risks are reiterated as concerns for the global economy. - FY2018-Q3WorsenedAnnual report
「During the period, the global economy continued to show signs of recovery, although uncertainty persisted due to rising geopolitical risks and political and policy developments in various countries. In addition to strong corporate sentiment and improving employment in the US and resilient personal consumption in Europe, emerging-market economies in Asia, including China, continued to recover as various policies took effect.」
The document explicitly mentions rising geopolitical risks and uncertainty stemming from political and policy developments in various countries. - FY2018-Q2ReframedAnnual report
「During the period, the global economy showed signs of recovery, although uncertainty persisted due to rising geopolitical risks and political and policy developments in various countries. In addition to strong corporate sentiment and improving employment in the US and resilient personal consumption in Europe, emerging-market economies in Asia, including China, recovered steadily with support from various policies.」
External-environment risks are described primarily in terms of geopolitical risks and uncertainty over political and policy developments in various countries. - FY2018-Q1ReframedAnnual report
「During the period, the global economy recovered moderately, although concerns were raised about the direction of US economic policy, uncertainty in Europe, uncertainty over the outlook for emerging-market economies in Asia, including China, and the impact of geopolitical risks.」
The wording changed to explicitly mention uncertainty in Europe, in addition to the previous references to US policy, emerging-market economies and geopolitical risks. - FY2017RestatedAnnual report
「Although the outlook for the global economy includes concerns about the direction of economic and financial policies under the new US administration, uncertainty over the outlook for China and other emerging-market economies, and the impact of geopolitical risks, the Indian economy is expected to continue growing strongly, the US economy to recover steadily, and the European and ASEAN economies to recover moderately.」
US policy, emerging-market economies and geopolitical risks continue to be cited as external-environment concerns. - FY2017-Q3ReframedAnnual report
「During the nine-month period of the fiscal year, the global economy recovered moderately, although concerns were raised about changes in US economic policy, uncertainty over the outlook for emerging-market economies and the impact of geopolitical risks.」
The wording changed from references to the previous slowdown in China's economy and the UK's withdrawal from the EU to language focused on changes in US economic policy, emerging-market economies and geopolitical risks. - FY2017-Q2RestatedAnnual report
「Concerns were raised about the slowdown in China's economy, uncertainty over the outlook for other emerging-market economies, geopolitical risks and the impact of the UK's withdrawal from the EU, but the global economy recovered moderately.」
There were no significant changes to the listed risks to the global economy. - FY2017-Q1First statedAnnual report
「Concerns were raised about the slowdown in China's economy, uncertainty over the outlook for other emerging-market economies, geopolitical risks and the impact of the UK's withdrawal from the EU, but the global economy recovered moderately.」
The external environment concerns for the quarter are listed, but this description does not indicate any specific impact that occurred.