A stand-out feature of the emerging world in 2023 has been the extent to which economic cycles have diverged. Divergence is likely to be the name of the game in 2024 too. We think some countries which have performed surprisingly well this year (e.g. Russia, Brazil and Mexico) will slow and by more than most expect. But there are also many economies that have struggled recently such as China, Chile and Central Europe that will stage recoveries to varying degrees.
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