From The Economist‘s Free Exchange blog:
RUSSIA was never an emerging market in the same mold as Brazil, China, and India, but the differences between the former and its acronymous partners have become crystal clear during the global recession. China’s statistics bureau reported today that Chinese industrial production grew by 19.2%, year-over-year, in November. Imports were up nearly 27%. And at present, China’s output growth in the third quarter was clocked at 8.9%.
Russia’s output also shifted 8.9%, year-on-year, in the third quarter. The shift just happened to be in the other direction. That’s an improvement from the 10.2% second quarter decline, but it’s still pretty awful. Forget the BRICs; Russia and Eastern Europe are forming their own exclusive club—of economies literally decimated by the financial crisis and global downturn. [link]