The global financial crisis has severely impacted equity markets in developing countries with BRIC (Brazil, Russia, India and China) nations witnessing some of the biggest declines in 2008, a World Bank report says.

The impact of the sell-off on local equity markets was widespread among developing countries, but some were hurt more than others.

" (The) Stock markets in Brazil, China, India, and Russia experienced some of the biggest declines in 2008," the World Bank said in its report titled 'Global Development Finance 2009: Charting a Global Recovery'.

Russia emerged as the worst performer among the four BRIC nations and saw the highest 72.5 per cent decline in local currency terms during last year.

"Markets in the other three countries lost more than half of their value - Brazil posted a 40 percent decline, India 52 percent, and China 66 percent," the report said.

Further, the magnitude of the correction during the second half of the year was much more severe for Brazil and Russia than for China and India.

The report pointed that the difference in impact was due to the fact that sharp drop in commodity prices affected Brazil and Russia more than India and China.