According to the QNB Group report, the growth in emerging markets -- from Brazil to Indonesia, Russia and South Africa -- is slowing down, partly reflecting the tightening of domestic policies by these countries last year to stabilise foreign exchange rates.
This slowdown is impacting global export demand and affecting recovery in advanced economies as well, it added.
Overall, the slowdown in EMs could jeopardise the global recovery, unless advanced economies pick up the pace, the report added.
Since the US Federal Reserve's announcement last year to taper its asset-buying programme Quantitative Easing, global capital flew out of emerging economies, forcing their central banks to tighten monetary policies to stabilise exchange rates.
While the tightening has been relatively successful in reversing the capital outflow in some countries, there has been an impact on the growth of emerging markets.
The last few weeks have seen a series of disappointing data releases in EMs.
Brazil's Q1 real gross domestic product growth rate slowed to 0.7 per cent (quarter-on-quarter annualised), compared with 2.3 per cent for 2013 as a whole.
Indonesia's Q1 growth rate declined to 3.5 per cent (5.8 per cent in 2013).
South Africa's s Q1 GDP contracted 0.6 per cent, compared with growth of 1.9 per cent in 2013.
The most dramatic fall was in Thailand with an annualised Q1 contraction of 8.2 per cent, partly reflecting the current political instability.
Against this trend, India saw a jump in Q1 GDP growth, partly because of a record $5 billion spending on elections, which added an estimated 2
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