India slips from first to fifth among emerging markets in January on weak rupee, sluggish exports: Mint tracker
- China secured the first rank as it performed better than all its emerging market peers in GDP growth, exports, inflation and import cover in January. India, on the other hand, slipped from first to fifth rank.
After topping Mint's Emerging Markets Tracker in December, India slipped to the fifth place in January as a weak rupee and sluggish exports weighed on its ranking. The stock market’s underperformance added to the drag. This decline came despite India outpacing most emerging-market peers in GDP growth, the Purchasing Managers' Index (PMI), and inflation.
China emerged as the top performer, leading in GDP growth, export growth, inflation, and import cover—factors that more than offset its weak currency and stock market performance.
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The competition among the top five (out of nine economies analyzed) remained tight.
The Philippines moved up one spot to the second place as its stock market recouped losses, while GDP growth and inflation remained favourable.
Brazil staged a strong comeback, climbing five places to third, buoyed by its currency’s resilience. The Brazilian real was the only emerging-market currency to appreciate in January, gaining 1.3% month-on-month, while others depreciated. A strong import cover further bolstered its standing.
Launched in September 2019, Mint’s Emerging Markets Tracker provides a summary of economic activity across 10 large emerging markets based on seven high-frequency indicators: real GDP growth, manufacturing PMI, export growth, retail inflation, import cover, exchange rate movement, and stock market.
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The rankings are provisional as the scores will get updated once all latest data is available.
Methodology note: The tracker is a monthly summary of economic activity across nine large emerging markets based on seven high-frequency indicators. The latest available data is used. On each indicator, the best-performing economy gets a score of 100, the worst one gets zero, and the others get linearly interpolated relative scores. A country's composite index score is the simple average of its seven indicator scores.
Earlier, the tracker had a 10th country, Russia, but it has been dropped temporarily as some data has not been reliably available since the war with Ukraine began.
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