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Amid the global economic slowdown plaguing the global equity markets, as much as $17 trillion has been eroded from investor's kitty in 2008, with emerging markets like India suffering the brunt of meltdown.

According to rating agency Standard & Poor's, about 46 global equity markets lost a combined $17 trillion, as emerging market indices fell 54.72 per cent and developed markets dropped 42.72 per cent for the year.

However, the equity markets somewhat rebounded in December last year with 19 of the 21 emerging markets and 22 of the 25 developed markets posting gains during the month, S&P added.

• Global meltdown: Complete coverage

"A glimmer of hope that is how we can define December," an analyst at S&P said.

"As central banks race to reduce rates, add liquidity and shore up their local economy, markets remain cautiously optimistic as we move into 2009," the report added.

Of the emerging economies -- Brazil, Russia, India, China, India -- was the third in terms of posting negative returns. While Brazil's return dipped to the extent of 57.35 per cent in 2008, Russia's returns declined 73.67 per cent.

Again, India's returns plunged 64.51 per cent, just ahead of China, whose returns fell 53.21 per cent in 2008.

Further, the agency predicted that the market volatility would continue in 2009 as world markets would adopt a wait-and-see approach before utilising the cash pile.

Besides, the rating agency rated the United States, whose returns declined nearly 39 per cent, as the fifth best performing global equity market and third best performer among the developed markets.

Other developed markets which witnessed some major declines are Ireland (down 69.94 per cent), Greece (down 66.50 per cent) and Norway (down 66.07 per cent).

• Global meltdown: Complete coverage