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MOSL: ECONOMY – BRICS+: 3QCY19 - India vis-à-vis other emerging markets (EMs)

ECONOMY – BRICS+: 3QCY19 - India vis-à-vis other emerging markets (EMs)

 Weakening growth has brought back other macroeconomic data in focus. The macro-vulnerability index (MVI = sum of inflation, current account deficit and fiscal deficit) has worsened in 7 (BR, CN, ID, KR, SA, TW and TH) out of the 10 EMs, while it has improved in IN, MY and RU. Most equity indices have seen some sell off, bond yields have fallen and EM currencies have weakened against the USD in 3QCY19. Interest rate cuts have been pervasive and some EMs have expanded their fiscal deficit as well. On the macro front, inflation appeared comfortable across the board. However, the external sector remains a cause for concern, with current account balances weakening and export declining in most EMs.

 This quarterly publication provides a comparative analysis of the macroeconomic conditions in the world’s 10 major EMs. Quite often, these economies are clubbed together as a basket, especially in terms of portfolio allocation.

 

The 10 EMs included in this publication are:

1. Brazil (BR), 2. China (CN), 3. India (IN), 4. Indonesia (ID), 5. South Korea (KR), 6. Malaysia (MY), 7. Russia (RU), 8. South Africa (SA), 9. Taiwan (TW), 10. Thailand (TH).