Emerging market economies faced several headwinds in 2022. Global monetary tightening and China’s delayed reopening caused GDP downgrades, while most central banks hiked interest rates to combat inflation. More promisingly, the monetary tightening cycle should peak in the first half of the year with many central banks already turning less hawkish and emerging markets central banks may pivot before the US Federal Reserve. In addition, we are likely to see a China-driven economic acceleration in contrast to slowdown elsewhere. China has significantly reduced downside risks for the region by reversing course on its zero Covid policy, property tightening, and geopolitical…

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