While the pace of vaccinations has picked up in recent weeks in several emerging markets, including Latin America, low overall vaccination rates remain a risk to the short-term outlook. Renewed outbreaks of COVID-19, as seen in Southeast Asia, act as a break on confidence. In stark contrast to the postglobal financial crisis period of 2008/09, the recovery of incomes to prerecession levels in many emerging markets and developing economies will be much more subdued.