Manufacturing in the emerging world remains on course for a fairly strong final quarter of the year. Our EM-wide manufacturing PMI, based on data produced by Markit, is consistent with industrial output growth accelerating to around 6% y/y from 4% y/y in Q3. Meanwhile, there is a growing divide between the BRIC economies, where manufacturing is struggling, and smaller, more open EMs where it continues to enjoy a healthy recovery.
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