Emerging-market growth is at its weakest level for two years, according to a leading index, as monetary tightening by central banks to combat inflation has slowed the rate of expansion.
The HSBC emerging-markets index, which uses Purchasing Managers’ Index data, dipped to 54.2 in the second quarter of 2011, down from 55 in the three months before and below the long-run series average of 54.8.
The moderation in economic activity is evident across all regions, led by a weaker increase in manufacturing production and reduced export orders in China, Brazil and Russia.
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