EM GDP has held up well this year, but we expect growth to disappoint in the coming quarters. Inflation has surprised to the upside recently, which will delay the start of interest rate cutting cycles in some places. But we still expect easing cycles to broaden out going into 2024. And while EMs appear to have emerged from the global bond-sell off largely unscathed, higher sovereign bond yields will add to fiscal pressures in countries where public and sovereign debt risks were already acute.
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