China’s slowdown: which EMs are most exposed?

Last week we published for the first time our forecasts for 2015 GDP growth in China, which put us right at the bottom end of consensus expectations. For the rest of the emerging world, the effects of weaker growth in China are likely to be felt most strongly in Latin America and some parts of Africa. Paradoxically, EMs in Asia may benefit as China shifts to a slower but more sustainable model of consumption-led growth.