The economic recovery in emerging markets (EMs) will remain highly vulnerable to pandemic-related setbacks, given the slow vaccine rollout. While it looks that we are past the worst of the latest COVID 19 wave in most of EMs, the likelihood of intermittent lockdowns will remain high for some time. As such, vaccination progress will remain a key variable of future economic performance. Unfortunately, most EMs are far from reaching sufficient vaccination levels to ensure an uninterrupted economic recovery.