Global Economic Conditions, Commodity Prices and Geopolitical Risks
First written in FY2016. 16 of 32 entries say "Worsened", first in FY2017-Q1. Latest entry: FY2026.
Panasonic Holdings moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「From fiscal 2025 to fiscal 2026, uncertainty continued to increase due to the impact of trends in U.S. trade and industrial policy and monetary policy, as well as geopolitical risks including the situations in Ukraine and the Middle East. Looking ahead, the impact of the trade and monetary policies of various countries was a concern, and the global economy was expected to continue its moderate slowdown.」
In addition to the existing geopolitical and economic risks, continued uncertainty surrounding U.S. trade and industrial policy, monetary policy, and the situation in the Middle East, together with the outlook for a continued moderate slowdown in the global economy, was explicitly noted. - FY2026-H1RestatedAnnual report
「Looking ahead, the impact of the trade and monetary policies of various countries was a concern, and the global economy was expected to continue its moderate slowdown.」
Concerns over the trade and monetary policies of various countries, including U.S. tariff policy, and the outlook for a continued moderate slowdown in the global economy were identified as operating-environment risks. - FY2025WorsenedAnnual report
「From fiscal 2022 to fiscal 2023, the global economy continued to face an uncertain outlook as uncertainty increased over U.S. tariff policy, the economic and trade policy trends of other countries in response, and their effects. Geopolitical risks, including the situation in Ukraine, also remained a concern, making the outlook difficult to assess.」
In addition to the existing geopolitical risks and economic slowdown, the uncertainty surrounding U.S. tariff policy and the retaliatory and trade policies of other countries was identified as a new operating-environment risk. - FY2025-H1WorsenedAnnual report
「During the current interim consolidated accounting period, the global economy as a whole lacked strength and slowed moderately. Although Japan and Europe showed signs of a moderate recovery as inflation eased, the United States was in a phase of moderate slowdown, while China continued to show weakness against a backdrop of sluggish real estate market conditions. Looking ahead, the global economy, led by the United States and China, is expected to continue slowing, while the Japanese economy is generally expected to continue its moderate recovery.」
The global economy as a whole lacked strength, with weakness from the slowdown in the United States and sluggish real estate market conditions in China explicitly noted. The United States and China are expected to lead a continued slowdown going forward. - FY2024-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, the global economy as a whole showed a moderate slowdown as geopolitical risks, including the situation in Israel and Palestine and the situation in Ukraine, and monetary tightening associated with inflation continued.」
In addition to the situation in Ukraine and other existing risks, the situation in Israel and Palestine was explicitly identified as a geopolitical risk, and a moderate slowdown in the global economy under inflation and monetary tightening was noted. - FY2024-Q2RestatedAnnual report
「During the first six months of the current fiscal year, the global economy as a whole showed a moderate slowdown as geopolitical risks, including the situation in Ukraine, and monetary tightening associated with inflation continued.」
Geopolitical risks, inflation, monetary tightening, and a global economic slowdown continued to be identified as operating-environment risks. Japan, meanwhile, was described as gradually recovering, supported by capital investment demand and inbound demand. - FY2024-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, the global economy showed a moderate slowdown as geopolitical risks, including the situation in Ukraine, and monetary tightening associated with inflation continued. In Japan, the economy was gradually recovering, supported by resilient capital investment demand and the recovery in inbound demand. Looking ahead, the global economy is expected to continue slowing, while Japan is expected to achieve a generally moderate recovery, despite concerns about the downward pressure from higher prices.」
The situation in Ukraine, inflation, monetary tightening, and a global economic slowdown continued to be identified as risk factors. In Japan, a moderate recovery was expected, supported by capital investment and inbound demand. - FY2023WorsenedAnnual report
「In fiscal 2022, the global economy slowed under the downward pressure from the situation in Ukraine, the Shanghai lockdowns, persistently high raw material prices, component shortages, inflation, and rising interest rates.」
In addition to the existing risks from infectious diseases, geopolitics, and resource prices, the Shanghai lockdowns, inflation, rising interest rates, and component shortages were identified as factors that had actually worsened the operating environment. - FY2023-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, the global economy slowed due to the situation in Ukraine, persistently high raw material prices, global inflation and rising interest rates, and prolonged component shortages in some areas. Looking ahead, global geopolitical risks, inflation, and interest rate trends remained concerns, while rapid exchange-rate fluctuations in Japan also continued to pose a concern, resulting in a difficult-to-predict operating environment.」
In addition to the existing geopolitical risks, inflation, and component shortages, rising interest rates and an economic slowdown were identified, and the continuation of an uncertain operating environment was noted. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, the global economy showed signs of a weak recovery as the situation in Ukraine, the Shanghai lockdowns, high raw material prices and logistics costs, component shortages, and global inflation continued. Risks of an economic slowdown due to global geopolitical risks and inflation remained high. In Japan, the adverse impact of the rapid depreciation of the yen on the economy was a concern, and the difficult-to-predict operating environment continued.」
In addition to the situation in Ukraine, the Shanghai lockdowns, rising raw material and logistics costs, component shortages, and inflation, the potential adverse impact of the rapid depreciation of the yen on the domestic economy was identified, with the continuation of economic slowdown risks and an uncertain outlook noted. - FY2022WorsenedAnnual report
「In fiscal 2022, raw material prices and logistics costs continued to rise, component shortages persisted, and global inflation continued. Uncertainty related to COVID-19 and geopolitical risks, including the situation in Russia and Ukraine, also remained high, making the outlook for the global economy difficult to assess.」
In addition to the conventional risks from infectious diseases and economic conditions, rising raw material and logistics costs, component shortages, inflation, and the situation in Russia and Ukraine were identified as significant risks in the operating environment. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended in the third quarter, recovery progressed in Japan and many Western countries as COVID-19 infections temporarily subsided. However, uncertainty remained, including soaring resource prices, inflation caused by supply shortages, and the status of COVID-19 variants. Although the global and Japanese economies appear to be in a phase of moderate economic recovery, the outlook remains difficult to predict.」
While economic recovery progressed, explicitly identified soaring resource prices, inflation caused by supply shortages, and COVID-19 variants as new uncertain factors and stated that the outlook remained difficult to predict. - FY2022-Q2WorsenedAnnual report
「During the six-month period ended in the second quarter, recovery progressed steadily in Western countries as COVID-19 vaccination became widespread, and progress toward normalization continued. However, uncertainty remained, including regarding the status of COVID-19 and soaring resource prices. Although the global and Japanese economies appear to be in a phase of moderate economic recovery, the outlook remains difficult to predict.」
While indicating progress toward recovery and normalization in the West, explicitly identified the pandemic and soaring resource prices as uncertain factors and stated that the outlook remained difficult to predict. - FY2022-Q1Economic recovery progressed, while uncertainty continuedAnnual report
「During the three-month period ended in the first quarter, economic recovery progressed steadily in the United States and other countries where COVID-19 vaccination was becoming widespread, and progress toward normalization was also made globally. However, uncertainty remained, including regarding the status of COVID-19, and the outlook for the global economy continued to be difficult to predict.」
While indicating economic recovery in the United States and elsewhere and progress toward global normalization as vaccination spread, stated that uncertainty, including regarding the pandemic, and the difficulty of forecasting the outlook continued. - FY2021RestatedAnnual report
「In the second half of fiscal 2020, the impact on demand was largely resolved except for the aviation-industry business of Connected Solutions and certain other businesses. In the aviation-industry business, the recovery in air passenger demand in fiscal 2021 is expected to be limited, and the impact on the business is expected to continue.」
While the demand impact of COVID-19 was largely resolved in many businesses, indicated that recovery in the aviation-industry business would remain limited in fiscal 2021. - FY2021-Q3The impact on housing and automotive-related businesses was almost resolved, while the recovery in aviation demand was expected to take longer.Annual report
「Compared with the assumptions at the filing date of the previous quarterly report, the impact on the housing-related business and the business serving the automotive industry was almost resolved. In the aviation industry, however, market conditions remained depressed due to a sharp decline in the number of flights and substantial cuts in aircraft production. The business serving the aviation industry is expected to continue to be affected by reduced global air passenger demand in the fourth quarter, and recovery is expected to take time.」
The impact of COVID-19 was almost resolved in housing-related and automotive-related businesses, while a sharp decline in flight operations and continued aircraft production cuts in the aviation industry were expected to delay recovery beyond the fourth quarter. - FY2021-Q2Demand recovery diverged by industryAnnual report
「Although the impact of COVID-19 is expected to continue for the time being from the third quarter onward, market conditions are expected to continue improving moderately in line with the lifting or easing of movement restrictions in various countries and the resumption of economic activity. Compared with the assumptions at the filing date of the previous quarterly report, demand in the business serving the automotive industry is trending toward recovery, while demand in the business serving the aviation industry is recovering more slowly.」
While uncertainty in the business environment caused by the pandemic continued, its effects diverged by industry, with automotive-related demand trending toward recovery and aviation-related demand recovering more slowly. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended in the first quarter, the global economy slowed sharply against a backdrop of a worldwide decline in consumption and investment resulting from the spread of COVID-19. Uncertainty also remained high due to political and financial conditions in various countries and the spread of protectionism. Japan is also expected to be affected to a considerable extent, and the possibility of a further spread of COVID-19 cannot be ruled out, making the outlook for the business environment in fiscal 2020 difficult to predict.」
In addition to conventional economic, political and financial risks, explicitly noted the global decline in consumption and investment caused by COVID-19 and uncertainty about the outlook, including the possibility of a further spread. - FY2020WorsenedAnnual report
「Regarding the impact of the spread of COVID-19 in the first quarter of fiscal 2020, demand-related effects expanded beyond China due to weak market conditions in the automotive and aviation industries and restrictions on movement in various countries.」
In addition to conventional economic, political and financial risks, COVID-19 expanded its impact beyond China through weak demand in the automotive and aviation industries and restrictions in various countries. - FY2020-Q3RestatedAnnual report
「During the nine-month period ended in the third quarter, the global economy continued to expand moderately overall. Personal consumption and other factors remained strong in the United States, while favorable employment conditions supported Japan. In China, however, consumption and investment remained weak. Looking ahead, potential risk factors continue to include political and financial conditions in various countries, the spread of protectionism, and deterioration in emerging-market economies.」
While indicating moderate expansion in the global economy, continued to cite weak consumption and investment in China, political and financial conditions, protectionism, and emerging-market economies as risk factors. - FY2020-Q2RestatedAnnual report
「Looking ahead, potential risk factors continue to include political and financial conditions in various countries, the spread of protectionism, and deterioration in emerging-market economies.」
Continued to identify political and financial conditions in various countries, protectionism, and deterioration in emerging-market economies as risk factors for the global economy. - FY2020-Q1RestatedAnnual report
「Potential risk factors for the outlook include the political and financial conditions in various countries, the spread of protectionism, and deterioration in emerging-market economies.」
Continued to identify political and financial conditions in various countries, protectionism, and deterioration in emerging-market economies as risk factors for the global economy. - FY2019WorsenedAnnual report
「Risk factors included political and financial conditions in various countries and the spread of protectionism, while a slowdown in major economies was expected.」
Explicitly identified the spread of protectionism and the slowdown in major economies, in addition to conventional economic, political and financial risks, as risks to the business environment in fiscal 2019. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended in the third quarter, the global economy continued to expand moderately overall, with personal consumption and other factors remaining strong in the United States and employment conditions continuing to recover in Japan. In China, however, consumption and investment growth remained weak. Potential risks going forward include political and financial conditions in various countries, the spread of protectionism, and deterioration in emerging-market economies.」
While the economic expansion continued, reconfirmed weak consumption and investment in China, political and financial conditions in various countries, protectionism, and deterioration in emerging-market economies as risk factors. - FY2019-Q2RestatedAnnual report
「During the six-month period ended in the second quarter, the global economy continued to expand moderately. The U.S. economy remained strong on solid personal consumption and capital investment, while China remained broadly stable despite a slowdown in investment and other areas, and Japan recovered mainly on exports and capital investment. Looking ahead, potential risk factors include political and financial conditions in various countries, the spread of protectionism, and deterioration in emerging-market economies.」
While indicating moderate expansion in the global economy, continued to cite slower investment in China, political and financial conditions in various countries, protectionism, and deterioration in emerging-market economies as risk factors. - FY2019-Q1WorsenedAnnual report
「Although economic improvement is expected to continue, potential risk factors include political and financial conditions in various countries, the spread of protectionism, and deterioration in emerging-market economies.」
While expecting economic improvement, explicitly identified the spread of protectionism as an additional risk factor alongside the previously cited political and financial conditions and emerging-market economies. - FY2018RestatedAnnual report
「The global economy in fiscal 2018 is expected to continue its moderate recovery overall. In Japan, consumption is also trending toward recovery, although it lacks strength. Meanwhile, uncertainty remains regarding geopolitical risks, emerging-market economies, and political and policy developments in various countries.」
While expecting a moderate recovery in the global economy, continued to identify geopolitical risks, emerging-market economies, and political and policy developments as uncertain factors. - FY2018-Q2WorsenedAnnual report
「During the six-month period ended in the second quarter, the global economy showed signs of recovery. The U.S. economy remained strong, supported by solid personal consumption and recovering capital investment, while China recovered steadily with support from various policies. In Japan, the economy recovered moderately on the back of solid employment and income conditions. However, concerns about geopolitical risks increased, and uncertainty remained regarding the outlook, including deterioration in emerging-market economies, financial-market volatility, and political and policy developments in various countries.」
While indicating a recovery in the global economy, stated that concerns about geopolitical risks had increased and continued to cite emerging-market economies, financial markets, and political and policy developments as uncertain factors. - FY2018-Q1RestatedAnnual report
「During the three-month period ended in the first quarter, the global economy remained on a moderate recovery track overall. The United States continued to expand moderately, supported by solid personal consumption, China remained stable, and exports supported Japan. Although economic improvement is expected to continue, potential risk factors include political and financial conditions in various countries and deterioration in emerging-market economies.」
While indicating a moderate recovery trend in the global economy, continued to cite political and financial conditions in various countries and deterioration in emerging-market economies as risk factors. - FY2017-Q3Recovery trend made explicit, while risk factors continuedAnnual report
「During the nine-month period ended in the third quarter, the global economy showed a recovery trend, supported by solid personal consumption and improved capital investment in the United States. In China, concerns about an excessive slowdown eased, and the global economy overall entered a moderate recovery trend. Although a moderate recovery is expected to continue, potential risk factors include deterioration in emerging-market economies, financial-market volatility, and political and policy developments in various countries.」
While indicating a recovery trend in the global economy, cited emerging-market economies, financial markets, and political and policy developments in various countries as continuing risk factors. - FY2017-Q1WorsenedAnnual report
「In June, uncertainty about the outlook for the global economy increased after the United Kingdom voted to leave the EU in a referendum.」
Stated that uncertainty about the outlook for the global economy increased following the United Kingdom’s vote to leave the EU. - FY2016First statedAnnual report
「Uncertainty remained due to factors including fluctuations in resource prices, geopolitical risks, monetary policy trends in the United States and Japan, and concerns about a slowdown in the Chinese economy.」
Stated that performance and other factors could be adversely affected through an economic downturn, declining demand and increased business-structure reform costs.