The rise of the BRICs, especially China and India, and the end of the American Century is a topic that has occupied policy makers, economists and investors throughout the past decade
American leadership and power is diversified across multiple areas, and while these areas are interrelated, a shift in performance across one or several does not necessarily indicate a general “American Decline” or the inevitability of the ascendancy of others
The TEST is a test of broad development of the nations. The TEST looks at the performance of countries from the perspective of Trade and Macro, Equity Markets, Society and Trends. We have taken a limited number of indicators to form the cut of the TEST below.
India retained its position as the world’s fastest growing major economy during the quarter ended June 2018, with GDP expanding by 8.2% – its highest rate since June 2016. The Nikkei India Manufacturing PMI came in at 51.7 in August (vs. 52.3 in July), remaining in expansion territory, and signalling that the sector stayed on its track to recovery. There was positive news on the trade front, with exports and imports, increasing by 19% and 25% respectively, over the same period last year. No further changes in interest rates was observed since Reserve Bank of India’s repo rate hike in June.
China’s economic performance remained steady in August, with manufacturing activity expanding at a higher pace than previous months along with both, exports and imports registering growth. The Official China Manufacturing PMI reading for the month came in at 51.3, higher than analyst expectations of 51.0 in July, reflecting an expansion in factory output. On the trade front, exports and imports witnessed a significant increase by 9% and 20% respectively, over the same period last year.
Note: Monthly macro-economic and market figures are typically released one to two weeks after the close of each month. Accordingly, the Monthly Indicators track the previous month’s data
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