Economy - BRICS+ Q2 Chart Book - India Vis-a-Vis Other Emerging Markets: Motilal Oswal
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Motilal Oswal Report
Although CY21 showed a promising start, new variants are leading to renewed Covid-19 waves.
Still, equity markets continue to surge, bond markets broadly seem relaxed, and emerging market currencies have been stable against the U.S. dollar in Q2 CY21.
Of our sample of 10 EMs, Brazil and Russia have done large rate hikes in CY21, while the South African Reserve Bank has reduced its balance sheet significantly.
The fiscal deficit, however, remains high in most EMs.
The base effect and reopening of the world economy has led to strong growth in merchandise exports across EMs, though the current account balance has worsened in a few nations in Q1 CY21.
Nevertheless, the massive rise in forex reserves and subdued imports implies that the external situation remains extremely comfortable in most EMs.
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