The IMF expects India to grow faster than China for the first time since 1999, forecasting GDP growth of 7.3 per cent in 2015 and 7.5 per cent in 2016. Indeed, India’s economy grew by 7.4 per cent, year on year, in the third quarter, making it the world’s fastest growing major economy for that quarter.
In Russia, third quarter data suggests that the pace of contraction, and the impact of declining oil prices and political sanctions may be slowing. Prospects for Brazil, however, remain challenging, with the economy contracting by 4.5 per cent, year on year, in the third quarter.