EMs vulnerable but far from the epicentre of the global storm
Growth in EMs faces intensifying headwinds but to a lesser extent than in advanced economies. Although the medium-term outlook looks weaker compared to last month, we expect pace of growth to slow only slightly in 2023 – backstopped by Asia’s protracted recovery. Several other factors will help mitigate risks: monetary policies having been ahead of the curve, overall resilience in the terms of trade, and a less sharp depreciation against the US dollar compared to other advanced economies.

Lucila Bonilla
Global EM Economist
+44 (0) 203 910 8144

Lucila Bonilla
Global EM Economist
London, United Kingdom
Lucila holds a BA in Economics and graduated recently with a master’s degree in Economics of Public Policy at the Barcelona School of Economics. Her research focuses on emerging markets macro. She joined Oxford Economics recently after working at one of LatAm’s top economic think-tanks and several international organisations (ECLAC, UNDP, OECD).

Maya Senussi
Senior Economist
+44 (0) 203 910 8121

Private: Maya Senussi
Senior Economist
London, United Kingdom
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