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• We have lifted our end-2024 forecast for Bulgarian client loan growth from 8.0% y-o-y to 10.0% as monthly loan growth continued to accelerate in Q124.
• Growth will be underpinned by lending to the household sector, as Bulgarian banks continue to offer loans at a discount to the BNB policy rate, due to ample liquidity.
• Nonetheless, we expect

Key View

• Challenges in Tunisia’s pharmaceutical sector will persist, despite marginal macroeconomic improvements. 
• The stability of Tunisia’s pharmaceutical sector will remain reliant on foreign drugmakers, given the underdeveloped domestic pharmaceutical infrastructures.
• Lack of regulatory and pricing transparency will deter new medicine launches

Key View

• Poland’s medical devices market will benefit from an improving macroenvironment, increased household disposable incomes and government healthcare initiatives.
• Poland will continue to improve its relationship with the EU under Prime Minister Donald Tusk and will begin to import more medical devices from the EU as a result.
• Poland will continue

Latest Development: Telecom Argentina’s Q124 earnings call reiterated the company’s commitment to invest into fibre-to-the-home (FTTH), mobile networks and 5G development, with the recent strengthening of the Peso underpinning improvements in bottom-line figures. Should the Peso continue to appreciate, coupled with a deceleration in inflation, this

Latest Development: PAIX Data Centres (PAIX) has partnered with the Djibouti Sovereign Fund to establish a cloud- and carrier-neutral data centre in Djibouti. Slated to open in 2026, it will feature a maximum IT load of 5MW and offer advanced infrastructure and interconnectivity, leveraging Djibouti's position as a key gateway to undersea cables in

Key View

• Q124 GDP growth estimates for Central and Eastern Europe (CEE) have confirmed our expectations for a gradual acceleration in economic activity across the region.
• Robust wage growth and falling inflation has bolstered real disposable incomes in the region, which has supported a firmer consumption recovery than seen in DM European economies.
• Th

Key View

• We expect to see further civil unrest in Georgia in the wake of the Foreign Agents Bill passing its third and final reading on May 14 and in the run up to the October 26 election.
• The bill’s adoption will damage Georgia’s EU aspirations severely, but we think Brussels is unlikely to revoke its candidacy status for fear of further pushing

Please Note: BMI is enhancing its risk analysis with a new scoring system following its acquisition of GeoQuant, a market-leading provider of political risk data. From March 27 2024, risk scores are inverted: zero now represents the lowest risk and 100 represents the highest risk. This allows for clearer, industry-standard assessments. For further

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• On May 14 2024, the Australian government released its Federal Budget statements for 2024-25, which includes an AUD22.7bn outlay for the 'Future Made in Australia' package. This will support our expectation that Australia will be a key leader in the global push towards a low-carbon energy transition.
• We believe that the Federal Budget will

Key View

• The integration of continuous glucose monitoring systems with remote patient monitoring platforms will be supported by partnerships, led by Dexcom. 
• Senseonics will continue to emerge as a competitor in the CGM market through its partnership with Rimidi and following iCGM designation status of its Eversense CGM. 
• Increased governmental