Emerging market (EM) GDP growth appears to have stabilised in Q3. Our GDP tracker suggests that output expanded by about 4.0% y/y, down only slightly from 4.2% y/y in Q2. There have been some positive signs in the October data that have been released to date, but no solid evidence of a turnaround in growth. In any case, the bigger picture is that we expect EM GDP growth to be fairly lacklustre over the coming years.
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