1 “...Growth has been strong in recent years and some moderation is expected, with risks skewed...”

2 “... the benefits of prudent macroeconomic management and financial moderation. The economy faces significant medium...”

3 “... moderation of global shocks helped lift economic activity, moderate inflation, and stabilize the external...”

4 “... slower pace consistent with the tightening of prudential measures and the envisaged moderation...”

5 “..., increase in outbound tourism, and moderation in goods surplus reflecting market saturation and China’s...”

6 “.... Longer term challenges. Looking further ahead, Macao SAR’s public finances face a moderation in gaming...”

7 “... Republic is expected to moderate from 7.5 percent in 2015 to 7 percent in 2016. Domestic activity has...”

8 “.... Growth moderated from 3.3 percent in 2014 to 2 percent in 2015, and it was 2.2 percent in the first half...”

9 “..., and strong domestic demand. Manufacturing and exports moderated near year-end, reflecting slowing external...”

10 “... is appropriate in an environment of moderating growth and low inflation. Facing sizeable capital outflows and a...”

11 “... will moderate in 2017/18 and in 2018/19 with the closure of a large manufacturing plant, growth is expected...”

12

13 “...Growth in Asia is expected to moderate to 5.0 percent in 2019 and 5.1 percent in 2020 (0.4 and 0.3...”

14 “... elevated and progress on rebalancing is mixed. While a moderate slowdown is expected in 2019, uncertainty...”

15 “... the Islands have shown good growth, the IMF staff expects only a moderate performance in 2013 and 2014 owing...”

16 “...New Zealand’s economy continued to grow at a moderate rate, in part reflecting the effects...”

17 “... is expected to expand at a moderate pace of about 0.3 percent in 2016, before slowing to 0.1 percent in 2017...”

18 “... of Palau owing to declines in construction and tourism. Inflation moderated to 2¾ percent (annual average...”

19 “... to the rest of the economy may be more limited. Inflation has moderated from its peaks during the construction...”

20 “..., while keeping inflation within the band and moderating the current account surplus. Abrupt changes...”