While the global economy slows, particularly in 2023, emerging markets and developing economies are expected to continue to grow at around 3.7 percent in 2022, 2023 and 2024. Activity broadly improved at the start of 2023 driven by service industries as they benefit from reopening dynamics, particularly in Asia. However, in other places, especially in Latin America, service sector activity may continue to stall. Also in this issue: updates on Turkey after the earthquakes and China’s reopening impact on the global economy.