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Expect more EM growth divergence in 2024

Aggregate EM GDP growth is set to slow in 2024, but as important as the overall story is understanding the different cycles that are playing out at a country level. We think some countries which performed surprisingly well last year (notably Mexico and Brazil) will slow this year, and by more than is generally expected. But some of 2023’s underperformers such as China, Chile and Central Europe will stage recoveries to varying degrees.

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