Real GDP growth is likely to moderate to 2.9 percent in 2022 and then to 2.7 in 2023 following rapid growth in 2021 when real GDP rebounded by an estimated 6.7 percent annual rate. Export volumes and production are still on track for robust expansion so far in 2022. This momentum is expected to continue in India and other developing Asian economies. However, forward looking indicators point to weakening ahead, particularly in Latin America and to a lesser extent in China.