While the leading indicators do not point to a synchronized global slowdown, they do suggest a moderating growth outlook in China—and growth jitters in India and Mexico. Rising external and internal challenges cloud China’s growth outlook, whereas several internal factors including policy uncertainty due to the upcoming national election offer downside risks for India. Domestic policy uncertainties and slowing growth in the US do not bode well for a positive outlook for Mexico. However, with a stable labor market, improving confidence, and accommodative monetary policy, Brazil shows signs of an improving outlook. Overall, our outlook for slowing growth in emerging economies for the rest of 2019 remains unchanged from last month, but with rising downside risks.