By Daniel Hunter

Signs of slowing momentum have led to Schorders, the independent, asset managers, to revise down growth forecasts for the BRIC aggregate. China showed signs of slowing as we left the first quarter and headed into the second, activity in Brazil continues to show meagre improvement and the central bank embarked on a rate hiking cycle, and Russia continues to be afflicted by its proximity to Europe and the weakness of global oil prices.

On a more positive note, the reduction in inflation in India, and the prospect of further monetary easing have led us to marginally upgrade growth in both 2013 and 2014.

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