More evidence of uneven recovery

While the incoming economic data continue to point to a nascent recovery in aggregate EM activity, some countries are being left behind. Recent figures from parts of Asia (China, Korea, Vietnam and Taiwan) and Emerging Europe (notably Poland), where coronavirus outbreaks have been brought under control, have been stronger we had than expected. In contrast, activity is proving slower to recover in countries where new virus cases continue to rise sharply, such as India, Mexico and Chile.