While high inflation, monetary policy tightening, and global recession risks could cloud the first quarter of 2023, we expect market conditions to improve in the second quarter as inflationary pressures dissipate, particularly in the United States. In this environment, emerging markets (EMs) could be a bright spot for investors. The bear market in EM equities is long in the tooth in terms of time, price, and multiples, and EM debt appears attractively valued. On the following pages, our portfolio managers share their thoughts about what to expect in 2023.