Emerging Markets hit the wall
- Black October has turned into to Black November for Emerging Markets - both for the financial markets and for economic growth in most EM countries.
- The crunch is now hitting Emerging Markets very hard - something clearly visible in EM growth numbers. For some countries the credit crunch has led to outright economic and financial meltdown.
Everyone hurting
- Most at risk of significant negative GDP growth are the Baltic States, Hungary, Romania, Ukraine, Kazakhstan and Bulgaria. A hard landing now seems inevitable for these countries.
- Asia has really started to feel the pain in recent months. Growth in China is slowing sharply on the back of both weaker exports and construction. It now looks increasingly likely that GDP growth will drop below 7% in early 2009.
