S&P Global Ratings expects most emerging markets (EMs) to grow below trend next year. Subdued external demand from the U.S., Europe, and China, as well as tight monetary policy will restrain growth. However, most of EM Asia will see growth close to trend thanks to steady domestic demand. Disinflation will continue in the coming quarters, and EM central banks will be in the easing mode by the end of 2024. The trajectory of the Federal Reserve's monetary policy will influence the magnitude and timing of interest rate cuts in EMs.