Hungary, Romania, Poland, and the Czech Republic were noted as bright spots in central Europe.
They are all oil importers and among the worst-hit by the 2008 financial crisis. Vietnam stands out for similar reasons, it wrote.
These “select five” have posted faster rates of economic expansion over the past year than the average since 2010, according to Bloomberg’s analysis of International Monetary Fund data.
In other emerging markets, it wrote, growth pickup over the last 12 months has been slower than their average since 2010.
Mr. Liam Carson, Assistant Economist at Capital Economics in London, drew attention to this pattern.
“With good news thin on the ground in the emerging world, it’s reassuring that there are at least a few emerging markets where growth is holding up well.”
“For these emerging markets a fall in the price of imported commodities has represented a boost to incomes,” he added.
“More often than not, this has manifested itself in a drop in food and energy inflation, which in turn has supported consumer spending.”