More weakness still to come for many EMs

The roll-out of COVID-19 vaccines is getting underway across EMs, but in many cases progress has been slow-going. In the meantime, many countries are suffering from worsening outbreaks. New cases are high and/or rising across Latin America, particularly in Brazil where a more virulent variant is circulating and pressuring its healthcare system. It’s a similar story in South Africa. While new cases have fallen in much of Emerging Europe, they remain high in per capita terms. In these places, restrictions will need to remain tight in Q1 and in some cases beyond, which will continue to weigh on activity.