India secures top rank among emerging markets peers for the third month in June, shows Mint tracker
As several emerging markets witnessed a slowdown, India’s robust stock market performance, along with manufacturing activity and GDP growth not only secured the first rank for the country but also by a sizeable margin.
India secured the first rank in Mint’s Emerging Markets Tracker for the third straight month in June, with a strong overall score of 71.48 (out of 100), up from 66.98 in May. Although China moved up three places to achieve the second rank, its score was 60.92—leaving a huge gap with India. Other contenders in the list, struggled during the month, signaling uneven momentum in most of the EM landscape.
India’s strong performance was supported by a robust stock market performance and sustained strength in manufacturing activity. The country also had the fastest GDP growth among emerging market peers in the March quarter, putting it ahead of the peers.
China also saw a steady stock market, solid export growth, and the lowest inflation among EM economies. It also continued to maintain the strongest foreign exchange momentum.
Thailand slipped one rank to third place due to a weak stock market performance in the group. However, highest export growth among peers and controlled inflation kept it in the top three.
Launched in September 2019, Mint’s Emerging Markets Tracker provides a summary of economic activity across 10 large emerging markets based on seven high-frequency indicators: real GDP growth, manufacturing PMI, export growth, retail inflation, import cover, exchange rate movement, and stock market.
The rankings are provisional as the scores will get updated once all latest data is available.
Methodology note: The tracker is a monthly summary of economic activity across nine large emerging markets based on seven high-frequency indicators. Latest available data is used. On each indicator, the best-performing economy gets a score of 100, the worst one gets zero, and the others get linearly-interpolated relative scores. A country's composite index score is the simple average of its seven indicator scores.
Earlier, the tracker had a 10th country, Russia, but it has been dropped temporarily as some data has not been reliably available since the Ukraine war began.
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