Emerging markets are now the main engine of global GDP growth; most have also made rapid progress in poverty reduction and other development outcomes over the last three decades. At the same time, the pandemic has raised doubts about the prospects of emerging markets. Both the pandemic-induced global recession and the possible reversal of globalization threaten the gains emerging markets have made in recent decades. Using growth diagnostics, this course examines the economic prospects of the key emerging markets in Asia – China, India, the ASEAN-5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand), draws lessons for development policy, and examines the implications for emerging markets in a pandemic-disrupted world.