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Global Weekly: How large are the spillovers from lower growth in major emerging markets?

Global Macroeconomics Team's picture

On average, a 1 percentage point decline in BRICS – Brazil, Russia, India, China and South Africa – growth could reduce growth in other emerging markets and growth in frontier markets by 0.8 percentage points and 1.5 percentage points, respectively, over two years. A simultaneous BRICS slowdown could have much more pronounced spillover effects, especially if it is combined with a tightening of financial conditions.

Global Weekly: Key Channels of Growth Spillovers from Emerging Markets

Global Macroeconomics Team's picture

A growth slowdown in emerging markets, in particular in one or several of the BRICS - Brazil, Russia, India, China and South Africa – could have significant spillovers to the rest of the world through trade and finance. Emerging markets have become major export destinations for the rest of the world as well as important sources of remittances, commodity supply and demand, foreign direct investment and official development assistance.