From the Financial Times: "... The dependable boost that the global economy has derived from the youthful dynamism of its developing countries for well over a decade — with the exception of during the global financial crisis — has recently become an outright drag. The Bric countries (Brazil, Russia, India and China) — long seen as the world’s growth engine — are now a particular burden."
"Adam Slater, economist at Oxford Economics, a research company, says this slowdown could create 'an EM-induced recession for the global economy'. He notes that the Brics account for a fifth of global gross domestic product. 'Two [of them] are already in recession and one is slowing sharply,' he says."
"Trade is the mechanism through which robust demand has been transmitted to other economies, including Europe and the US. But, according to an analysis by Oxford Economics, a slump in import demand in the first quarter of this year turned emerging markets from contributors to global trade growth to detractors for the first time since 2009."