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Growth has weakened in emerging markets in 2019, primarily driven by weakness in industrial production and trade and by slower consumption growth. Consumers, however, remain confident, particularly in emerging Asia, which will help hold up consumption. We expect industrial weakness to ease by next year, which will lead to an uptick in the emerging markets’ average growth rate in 2020. Looking ahead, growth will slow down in emerging markets in the next decade. Weakening investment and changes in global value chains, manufacturing technologies, and the global demographic composition contribute to the long-term slowdown.