Economic slowdown in emerging markets and divergent regional economic conditions
First written in FY2017-Q1. 20 of 35 entries say "Worsened", first in FY2018-Q3. Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 129 of 170 companies on the "Worse" side.
- 2026-08-07OtherResults
「中国においては、中東情勢の緊迫化による原油価格上昇という外部要因に加え、国内の不動産不況があるものの、半導体やＥＶ等が好調であり、強い外需が弱い内需を支えています。」
中国では不動産不況が継続する一方、半導体・EV等の外需が弱い内需を支えていると説明された。 - FY2026External demand remains firm, but signs of slowing domestic demand are intensifyingAnnual report
「In China, exports to countries and regions other than the United States provided support, and external demand remained firm overall. However, domestic demand showed increasingly strong signs of slowing because of the real-estate downturn and the fading effects of policy support for infrastructure investment.」
External demand was described as firm, while domestic demand showed increasingly strong signs of slowing because of the real-estate downturn and the fading effects of policy support. - 2026-05-12WorsenedResults
「In China, exports to countries and regions other than the United States provided support, and external demand remained firm overall. However, domestic demand showed increasingly strong signs of slowing because of the real-estate downturn and the fading effects of policy support for infrastructure investment.」
前期の内需改善・成長率加速の記載から、中国内需の減速感が示された。 - FY2026-H1WorsenedAnnual report
「In China, real GDP growth slowed because of weak personal consumption and the prolonged real-estate downturn, despite support from economic policy measures.」
The description deteriorated from the previous period's improving domestic demand and accelerating real GDP growth to slower growth caused by weak personal consumption and the prolonged real-estate downturn. - FY2025SoftenedAnnual report
「In China, while exports showed signs of slowing, domestic demand improved as the effects of economic stimulus measures continued. Real GDP growth accelerated, aided further by the contribution of external demand.」
For China, which had been described through the interim period of FY2025 as suffering from a real-estate downturn and weak personal consumption, the full-year disclosure cited improving domestic demand and accelerating real GDP growth. - FY2025-H1WorsenedAnnual report
「In emerging-market economies, including China, China's real-estate downturn showed no signs of recovery and personal consumption remained weak, while manufacturing and infrastructure investment remained firm on the back of economic stimulus measures, supporting stability.」
In China, there were no signs of a recovery in the real-estate downturn, and personal consumption remained weak. The strength of manufacturing and infrastructure investment was also cited as a stabilizing factor. - FY2024WorsenedAnnual report
「In emerging-market economies, including China, household consumption in China improved slowly, while there were still no signs of a recovery in real-estate investment. The economy therefore remained stalled, although investment outside real estate remained firm.」
In China, household consumption improved slowly, there were no signs of a recovery in real-estate investment, and the economy was described as stalled. - FY2024-Q3SoftenedAnnual report
「In emerging-market economies, including China, China's real GDP growth rate trended downward, but the slowdown seen at the beginning of the period was contained. Household consumption improved unevenly, while investment remained firm, resulting in an uneven recovery.」
Although the downward trend in China's growth rate persisted, the slowdown seen at the beginning of the period was contained, and investment was described as firm. - FY2024-Q2WorsenedAnnual report
「In emerging-market economies, including China, China's economy began to recover following the suspension of the zero-COVID policy last year, but recovery momentum weakened from April onward. Prolonged stagnation in the real-estate market and other factors weighed on the economy, and economic activity remained stagnant.」
In China, recovery momentum weakened after the economy began to recover, and economic activity stagnated against a backdrop of prolonged weakness in the real-estate market. The causes of stagnation became more specific than the previous quarter's description of an economic slowdown. - FY2024-Q1SoftenedAnnual report
「In emerging-market economies, including China, China's economy began to recover following the suspension of the zero-COVID policy last year, but the recovery lost momentum from April onward, and the economy trended downward.」
China's economy began to recover after the zero-COVID policy was suspended, but recovery momentum weakened from April onward, and the economy was described as trending downward. - FY2023WorsenedAnnual report
「In emerging-market economies, including China, the de facto lockdown in Shanghai disrupted economic activity and significantly lowered the growth rate. The economy recovered gradually under the zero-COVID policy, but after the shift to a “living with COVID” policy, outbreaks occurred in various regions and the economy lost momentum again, resulting in continued uneven performance.」
In addition to the decline in the growth rate caused by the Shanghai lockdown, the description covered a gradual recovery after the zero-COVID policy and renewed outbreaks and loss of momentum after the shift to a “living with COVID” policy, illustrating the unstable performance of emerging-market economies. - FY2023-Q3WorsenedAnnual report
「In emerging-market economies, including China, the spread of COVID-19 in China subsided temporarily but resurged in the latter half. The resurgence, including the resulting de facto lockdown in Shanghai, disrupted economic activity and significantly lowered the growth rate.」
The description changed from the gradual normalization of economic activity noted in the previous quarter to disruption of economic activity and a significant decline in the growth rate caused by the resurgence of infections and Shanghai's de facto lockdown. - FY2023-Q2SoftenedAnnual report
「In emerging-market economies, including China, the spread of COVID-19 in China disrupted economic activity, including by forcing Shanghai into a de facto lockdown, and significantly lowered the growth rate temporarily. In the latter half, although COVID-19 had not subsided completely, infections were more contained than in the first half, and economic activity gradually returned to normal.」
The Shanghai lockdown disrupted economic activity and lowered the growth rate, while infections were more contained in the latter half than in the first half, allowing economic activity to gradually return to normal. - FY2023-Q1WorsenedAnnual report
「In emerging-market economies, including China, the spread of COVID-19 in China led to a de facto lockdown in Shanghai, causing the economy to lose momentum. Although the lockdown was lifted in June, the lost momentum was not recovered, and economic stagnation continued.」
The Shanghai lockdown caused by the spread of infections, the loss of economic momentum and subsequent stagnation were described, indicating a deterioration in risk perception from the previous period's concerns over an economic slowdown. - FY2022-Q3WorsenedAnnual report
「In emerging-market economies, including China, China recovered from the COVID-19 shock ahead of the rest of the world, posting record real GDP growth. Subsequently, however, growth began to slow because of slower infrastructure investment and concerns over the financial condition of the real-estate industry. Although the government took measures to bolster infrastructure investment, the recovery in consumption remained sluggish as COVID-19 infections resurged, and signs of economic slowdown became pronounced.」
In China, slower infrastructure investment, concerns over the financial condition of the real-estate industry, and sluggish consumption recovery caused by the resurgence of infections were identified, and signs of economic slowdown became pronounced. - FY2022-Q2WorsenedAnnual report
「In emerging-market economies, including China, China's service sector was hit by the resurgence of COVID-19 infections, and the real GDP growth rate trended downward, resulting in an uneven recovery. In addition, rising prices for raw materials and other inputs became increasingly pronounced as the economy recovered, creating a concern for the future.」
In China, the resurgence of infections was described as damaging the service sector and causing the growth rate to trend downward, while rising prices for raw materials and other inputs were added as a concern. - FY2022-Q1WorsenedAnnual report
「In emerging-market economies, including China, China's economy was recovering steadily, but the factors driving a rebound following the COVID-19 shock were fading, and the growth rate was trending downward. In addition, rising prices for raw materials and other inputs began to become pronounced as the economy recovered, creating a concern for the future.」
China's economy continued to recover, while the downward trend in the growth rate and rising prices for raw materials and other inputs were identified as new concerns. - FY2021-Q3SoftenedAnnual report
「In emerging-market economies, including China, China's recovery became clear ahead of other regions, with no significant spread of COVID-19, while production gained momentum, led by the mining and manufacturing sectors.」
Production growth in China gained momentum, and the country's economic recovery became clear ahead of other regions. The description of emerging-market economies improved from the previous quarter's expectation of a slowdown in the pace of recovery. - FY2021-Q2WorsenedAnnual report
「In emerging-market economies, including China, China's recovery became increasingly clear ahead of other regions, but the pace of recovery is expected to slow because of stagnant external demand and the continued spread of COVID-19 worldwide.」
China's recovery became increasingly clear, but a slowdown in the pace of recovery was expected against a backdrop of stagnant external demand and the continued global spread of COVID-19. - FY2021-Q1WorsenedAnnual report
「During the three months ended the first quarter, the U.S. economy deteriorated rapidly because of restrictions on economic activity, but signs of a bottoming-out emerged as production and personal consumption began to recover. At the same time, the resurgence of infections in some states is expected to prolong subdued consumption caused by a climate of self-restraint. In Europe, as COVID-19 cases declined and economic restrictions were eased, the economy began a gradual recovery from low levels, although recovery progressed at different speeds across countries. In emerging-market economies, including China, China's recovery became clear ahead of other regions, but the pace of recovery is expected to slow because of stagnant external demand and the continued spread of COVID-19 worldwide.」
The spread of COVID-19 was described as causing economic deterioration in the United States, Europe and emerging markets, differences in the pace of recovery by region, and an expected slowdown in recovery. - FY2020WorsenedAnnual report
「In emerging-market economies, including China, China's exports and investment declined against a backdrop of U.S.-China trade friction, but measures such as government income-tax cuts and increased local-government bond issuance supported the economy. Overall, growth momentum remained firm despite trending downward, but the spread of COVID-19 brought the economy to an abrupt halt.」
The bottoming-out signs indicated in the third quarter gave way to an explanation that the spread of COVID-19 had brought emerging-market economies to an abrupt halt for the full year, indicating a deterioration in risk perception. - FY2020-Q3SoftenedAnnual report
「In emerging-market economies, including China, measures such as income-tax cuts and increased local-government bond issuance supported China's economy, but could not fully offset declines in exports and investment, and growth momentum continued to slow. Signs of a bottoming-out, however, emerged recently.」
Although growth continued to slow because of declines in exports and investment, signs of a bottoming-out emerged recently. - FY2020-Q2WorsenedAnnual report
「In emerging-market economies, including China, measures such as income-tax cuts and increased local-government bond issuance supported China's economy, but could not fully offset declines in exports and investment caused by U.S.-China trade friction. Overall, the momentum of economic growth slowed.」
Although measures were taken to support the economies of emerging markets, growth continued to slow against a backdrop of declines in exports and investment caused by U.S.-China trade friction. - FY2020-Q1WorsenedAnnual report
「In emerging-market economies, including China, the impact of U.S.-China trade friction began to appear in exports and investment. China's economic growth momentum remained broadly flat, while growth across emerging markets as a whole continued to slow.」
The impact of U.S.-China trade friction appeared in exports and investment, China's growth momentum was broadly flat, and growth across emerging markets continued to slow. - FY2019-Q3WorsenedAnnual report
「In emerging-market economies, including China, the slowdown in economic growth became pronounced, owing to slower infrastructure investment and falling consumption amid the intensifying U.S.-China trade war, and the economies continued to trend downward.」
The slowdown in economic growth in emerging markets became pronounced against a backdrop of slower infrastructure investment and falling consumption caused by the U.S.-China trade war. - FY2019-Q2WorsenedAnnual report
「In emerging-market economies, including China, exports remained strong against a backdrop of global economic expansion, and personal consumption was firm. However, the decline in infrastructure investment became pronounced, and growth slowed gradually.」
Exports and personal consumption were described as firm, while the pronounced decline in infrastructure investment made the gradual slowdown in growth explicit. - FY2019-Q1WorsenedAnnual report
「In emerging-market economies, including China, exports remained strong against a backdrop of global economic expansion, while signs of weakness began to emerge, including slower growth in personal consumption and infrastructure investment. Overall, however, the economies remained strong.」
The description added that growth in personal consumption and infrastructure investment had slowed and that some signs of weakness were beginning to emerge, compared with the previous period's “stable growth.” Overall, however, the economies remained strong. - FY2018SoftenedAnnual report
「Although consumption growth in emerging-market economies, including China, slowed somewhat, exports remained strong against a backdrop of robust Western economies, resulting in stable growth.」
The description improved from “a trend toward gradual slowdown” in the third quarter to stable growth for emerging-market economies. - FY2018-Q3WorsenedAnnual report
「Emerging markets, including China, have been trending toward a gradual slowdown, but overall remained firm.」
The description of emerging markets reverted from the previous quarter's “gradual recovery trend” to “a trend toward gradual slowdown.” At the same time, they were described as generally firm. - FY2018-Q2SoftenedAnnual report
「Emerging markets, including China, continued to recover broadly and entered a gradual recovery trend.」
The description of emerging markets improved from the previous quarter's “generally recovering, although some areas remain stagnant” to continued broad-based recovery and a gradual recovery trend. - FY2018-Q1SoftenedAnnual report
「Although the economies of emerging markets, including China, have generally recovered, some regions have remained stagnant.」
The description of emerging-market economies improved from the previous trend of a gradual slowdown to a broad-based recovery. At the same time, stagnation in some regions continued. - FY2017RestatedAnnual report
「Although investment supported the economies of emerging markets, including China, and they showed some signs of recovery, they continued to trend toward a gradual slowdown.」
The discussion of emerging-market economies presents both signs of recovery and a continued gradual slowdown. - FY2017-Q3RestatedAnnual report
「During the nine months ended the third quarter, the U.S. economy remained firm, led by personal consumption, and continued to expand gradually despite stagnation in production and investment. In Europe, the economy continued its slow recovery, led mainly by personal consumption and investment. Meanwhile, the economies of emerging markets, including China, continued to slow gradually.」
The gradual expansion or recovery of the U.S. and European economies is presented alongside the continued gradual slowdown in emerging markets, including China. - FY2017-Q2RestatedAnnual report
「During the six months ended the second quarter, the global economy remained firm in the United States, led by personal consumption. Although production and investment showed some signs of slowing, the economy expanded gradually. In Europe, the economy continued to recover, albeit at a low level, with consumption and investment among the main drivers. Meanwhile, the economies of emerging markets, including China, continued to slow gradually. In South America, Brazil and Venezuela, as well as Russia, remained in economic stagnation.」
The global economy's gradual expansion and recovery is presented alongside continued economic slowdowns and stagnation in emerging markets and South American countries. - FY2017-Q1First statedAnnual report
「The economies of emerging markets, including China, have been gradually slowing, while Brazil, Russia and others have remained mired in economic stagnation. Overall, however, the global economy has continued its gradual recovery.」
The global economy's gradual recovery is presented alongside slowdowns or stagnation in emerging markets and certain countries.