Emerging Market Growth: Strong and Solid

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The macro recovery observed in emerging markets since the end of May has been anything but tepid, with China leading the pack. Our proprietary Growth Nowcaster has been indicating above potential levels of economic activity since July and has currently stabilised at levels unseen since 2011. While China was initially the main engine to this very sharp recovery, thanks largely to its very stringent yet efficient pandemic management, other countries, such as Mexico, Russia, India and Brazil are now showing signs of reacceleration. The rate of improvement in economic data in most of these countries has been solidly anchored in the 60-70% range, and macro sentiment (measured by our high frequency Newscasters) has also been thriving since mid-October, indicating that growth is strong and solid from both data and media perspectives.


Emerging Market Growth: Strong and Solid
Source: Bloomberg, Unigestion. Data as at 30 November 2020.

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