Leading indicators point to continued, but slowing growth momentum 

After contracting by 2.1 percent in 2020, we estimate emerging markets and developing economies to have rebounded by 5.4 percent in 2021 and expect it to post another year of above average growth of 4.1 percent in 2022. The pandemic remains a key uncertainty in the outlook. Cases are surging once again across much of the world. Milder severity of the newly dominant variant, coupled with higher levels of immunity may however limit the overall economic impact compared to earlier waves.