In its June economic outlook, S&P Global Ratings kept its general macroeconomic baseline largely unchanged, and we continue to expect the 2024 GDP growth to be stronger than in 2023 across most emerging markets . However, in several economies, policy-related risks have risen following elections that are generating uncertainty over reforms, fiscal trajectories, and institutional frameworks. Trade seems to be improving, particularly in EM EMEA and LatAm. However, further improvement remains highly vulnerable to setbacks.