4QCY20: India vis-à-vis other emerging markets - Motilal Oswal
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4QCY20: India vis-à-vis other emerging markets (EMs)
* COVID-19 changed global macroeconomic outlook substantially in CY20. The same is expected to be restored in CY21. China and Taiwan were the two least affected countries last year, while India, Russia, and South Africa were worst affected. To counter the effects of the pandemic, almost all countries widened their fiscal deficit and central banks flushed massive liquidity into the economy. It led to the best-possible cocktail for the financial markets, especially equities. Due to weak growth, inflation eased in most EMs (except India). The external sector improved, notwithstanding lower exports. A sharp increases in foreign exchange reserves in most EMs, with India leading the pack, provided a cushion against volatility.
* This quarterly publication provides a comparative analysis of macroeconomic conditions in the world’s 10 major EMs. Quite often, these economies are clubbed together as a basket, especially in terms of portfolio allocation.
The 10 EMs included in this publication are:
1. Brazil (BR), 2. China (CN), 3. India (IN), 4. Indonesia (ID), 5. South Korea (KR), 6. Malaysia (MY), 7. Russia (RU), 8. South Africa (SA), 9. Taiwan (TW), 10. Thailand (TH).
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