THE RATE of growth in some of the world’s major developing economies slowed slightly as 2013 came to an end, with services lagging behind.
HSBC’s emerging markets index dropped to 51.6 in December, down from 52.1 in November, suggesting weak growth in the developing world. The economies of Brazil, Russia, India and China (BRIC) all posted a poorer performance than in the same month in 2012. India’s headline score of 48.1 suggests its economy may be shrinking .
Emerging market factories stayed near November’s eight-month high for growth, while services dropped to a three month low.
“The overall impression with the emerging world is of countries that no longer enjoy the dynamism of old and which, on rather too many occasions, are teetering on a recessionary cliff edge,” said HSBC chief economist Stephen King.