EMs will experience one of the broadest slowdowns in GDP growth in 2023 since the 1990s. China is one of the few places where growth will accelerate next year, but its move away from zero-COVID will be bumpy. Meanwhile, inflation is likely to ease in most EMs, though it will remain well above target in Latin America and Emerging Europe. Even so, many EM central banks will turn towards interest rate cuts by the middle of next year, much sooner than their DM counterparts.
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