S&P Global Ratings lowered its real GDP growth forecast for emerging markets (EMs) to 3.8% in 2023 from 4.1% in the September projection. The downward revision to growth is for all EMs except for China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates. EM inflation appears to have reached the peak or will do shortly in this cycle; however, monetary policy rates are likely to stay high for the time being, with exception of few economies in LatAm, where we expect interest rate cuts in 2023.