S&P Global Ratings slightly upgraded its projections and now expects average growth across emerging markets (EMs) to reach 4.3% in 2023 (up from 4.0% in our November forecast), mostly given improved forecasts for China and large LatAm economies, according to a report published today titled "Emerging Market Monthly Highlights: Some Bright Spots, Tough Crosscurrents". Nevertheless, we expect EMs to grow in 2023 well below the longer-term trends, with exception of India and some economies in EM Asia. We also raised our inflation forecast to 5.6% from 5.0% in our November assumption, although we expect inflation to decrease broadly across EMs in 2023.