Emerging economies grew strongly in 2021 with an estimated 6.6 percent as they rebounded from the pandemic-induced recession. Growth is likely to slow this year while inflation is heating up. Incoming data from before the war broke out point to continued strength in retail trade and industrial production. This momentum is likely to wane in China and Russia as indicated by the March Purchasing Manager Indices, while less so in other economies. Inflationary factors continued to increase further in March across emerging economies, driven by rising food and energy prices. With inflation well above central bank targets across emerging economies, monetary policy is expected to tighten further in the coming months.