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Emerging Markets Monthly Highlights: Downside Risks Prevail Despite Supportive Markets

November 12, 2020

Case resurgence in Europe and the U.S. are weighing on the emerging markets’ (EM) recovery. Third-quarter GDP showed a sound recovery in most EMs, as activity resumed domestically and in key trading partners. However,  fourth quarter is looking weaker in many EM economies amid the recent resurgence in COVID-19 cases in Europe and the U.S. China’s recovery is supportive for many EMs. Activity in China rebounded to above the pre-pandemic levels and expanded 4.9% in the third quarter. Robust industrial activity and improved construction output have bolstered demand for industrial metals and ores. EM commodity exporters with strong trade ties to China (Brazil, Chile, South Africa, and Indonesia) should continue to benefit from resilient demand for industrial and agricultural commodities.


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