China, Brazil growth slows most among BRICS in Q2: report
11 Jul 2012
Some of the fastest-growing economies of the past 10 years may be in for an extended period of slowdown in the wake of the euro crisis and a sharp deterioration in the US economy, according, a report by HSBC said.
China and Brazil are among the hardest-hit economies as export orders fall and as the eurozone's spending cuts start biting.
Global growth till now has been heavily dependent on the US and the major emerging economies to keep moving forward.
According to HSBC's emerging markets index, the services sector had taken a heavy hit due to a slump in the global market for goods from the big four Bric countries – Brazil, Russia, India and China.
According to the study, the emerging economies continued to grow in the three months to the end of June, but at a slower pace.
The index retreated to 53.0, from 53.6 in the first quarter.
