(Bloomberg) -- For annual growth in emerging markets this year, there’ll be large base effects, according to calculations by Bloomberg Economics. Take Peru as an extreme example -- even if the economy doesn’t grow above its fourth quarter 2020 level, gross domestic product this year would still rise more than 11%. These base effects will contribute at least 1 percentage point in Russia, where the 2020 contraction was small, and as much as 10.6 points in India.

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