The Russia-Ukraine conflict, sustained inflationary pressures, tighter-than-expected financing conditions, as well as China’s uncertain growth trajectory are raising concerns about emerging markets' (EMs') future economic performance. We lowered our GDP forecast for EMs for 2022 to 4.0% and for 2024 to 4.3% (from 4.8% and 4.4%, respectively). Aside from shock to Russia’s economy, the bulk of the downward revision to growth forecast is for EM EMEA, while the impact on growth is more contained elsewhere.