A perfect storm is brewing this summer for emerging markets, and it could hit hard in September.
After years of impressive growth, countries like China and Brazil face steeper challenges this year, World Bank President Jim Yong Kim said in a report released Wednesday.
“Developing countries were an engine of global growth following the financial crisis,” Kim said. “Now they face a more difficult economic environment.”
The World Bank isn’t the only organization expressing concern. The Federal Reserve debated the negative affect of a Fed rate hike on emerging markets at its last meeting. Concern is rising.