Economic activity in emerging economies through October is moderating, though still tracking above average growth. Our expectation is for a further deceleration in emerging economies over the coming quarters, on the back of tighter global (and in some cases also domestic) financial conditions and possible recessions in Europe and the US and continued weakness in China. However, as we expect mature economies to slow even more rapidly, this leaves emerging economies as the most important growth driver for global GDP in 2023.