Global output growth accelerates with strong Emerging Markets expansion

A third consecutive monthly acceleration in global output growth was supported by faster emerging market expansion while developed markets also returned to growth for the first time in six months. Overall, emerging markets continued to lead growth at the start of the year, with improvements seen in India and Brazil, while mainland China and Russia continued to see steady expansions.

Forward-looking indicators, including the Backlogs of Work and Future Output indices, further painted a positive picture for emerging markets output growth in the near-term. Additionally, price pressures abated for emerging markets in the latest survey period, boding well for the inflation trend at the start of the year.

The expansion of emerging markets continued at the start of 2024, according to PMI data, extending the sequence of growth to just over a year. Moreover, the pace of growth accelerated for a third straight month to the fastest since last June, playing a key role in supporting a faster expansion of global output at the start of the year, although developed markets output also helped by returning to expansion for the first time since July 2023.

Fidelity Emerging Markets Limited (LON:FEML) is an investment trust that aims to achieve long-term capital growth from an actively managed portfolio made up primarily of securities and financial instruments providing exposure to emerging markets companies, both listed and unlisted.

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