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Shifting sands: why the outlook for the BRICs is starting to diverge

The prospects for the four largest emerging economies – Brazil, Russia, India and China – are starting to diverge. The outlook for India is improving and, despite a recent run of poor data, we think the risks of a hard landing in China are actually diminishing. In contrast, Brazil’s economy will continue to struggle over the next couple of years, while Russia is now facing a deep recession.

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