Recent GDP publications indicate some resilience of emerging markets (EMs). With a few exceptions, Q1 GDP readings from EM EMEA and LatAm have been mostly solid as internal demand held up well in recent months. Nevertheless, leading indicators, as well as high-frequency data, indicate that some economies have started to slow. We expect economic growth to moderate later in the year due to pressure on real incomes and the fading effect of post-pandemic recovery.