The impact of the global slowdown is becoming more evident in emerging economies, according to accountant and business adviser BDO Stoy Hayward.
While the UK’s GDP growth is expected to fall 1.2% this year, Brazil’s is predicted to fall by 4.6%, Russia’s by 4.3%, India’s by 2.7% and China’s by 1.8%.
“At the start of the financial crisis in the west, many commentators thought that the large emerging economies such as China and India would be able to ‘decouple’ from the recession and continue to grow at similar levels to recent years,” said Tom Lawton, head of manufacturing at BDO Stoy Hayward. “This has not proved to be the case and the BRIC (Brazil, Russia, India and China) economies have been severely hit by the recession, particularly in some of the key manufacturing regions.
