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In Latin America, our growth forecasts are below consensus in a number of economies, including Bolivia, Brazil, Ecuador, Guatemala and Uruguay. The downward revision to our forecast Brazilian real GDP growth rate from 2.5% y-o-y to 1.6% puts us below Bloomberg consensus of 1.8%. The shift reflects lingering investor uncertainty over the upcoming

Key View: Over the coming decade emerging market construction industries will rise up the ranks of the largest construction industries globally. Scale will therefore no longer be the preserve more developed markets, meaning investors and contractors alike will need to increasingly assess markets based on risk, rather than traditionally balancing

Key View:

• Sub-Saharan Africa's healthcare market will continue to expand at pace with robust economic, demographic and epidemiological drivers in place.
• A rising chronic disease burden, large-scale urbanisation, and ageing populations will be major drivers of healthcare expenditure in the region.
• Despite this, the region's healthcare markets

In many respects, the Middle East is a market in transition. This includes the e-Commerce sector, which is only beginning to come into its own as the region's economies look to diversify away from petrochemicals to more sustainable industries. Overall, there is a lot of promise for e-Commerce in the Middle East, with Saudi Arabia and the United

Key View: Weak-than-expected economic growth and tightening monetary policy starting in 2019 will weigh on private sector credit growth over the coming quarters. Robust increases in lending to the government will help to buoy headline asset growth but will not be sufficient to completely offset weak private sector credit expansion.

The outlook for

Key View: Diesel's premium to Brent will remain elevated over the coming months, supported by resilient demand for the fuel across major global markets, and conflicting supply-side dynamics weighing on prices in the global crude market. Longer-term diesel demand will be driven by the global EMs, particularly those in Asia-Pacific, where positive

Following a strong year-to-date performance, the Ukrainian hryvnia will remain range bound over the short term as investor interest in Ukrainian debt following the central banks rate hikes levels off. Coupled with seasonal weakness towards year end, the unit will depreciate over the longer term as macrofinancial stability risks increase amid

Key View: Although the UK banking sector has proven resilient to Brexit uncertainty, we warn that with the official exit date less than a year away and little progress on reaching a settlement deal with the EU, industry headwinds are intensifying. While it is difficult to gauge the likelihood and impact of a serious shock to the sector, we believe

While Southern Africa stands out as the most competitive region in Sub-Sahara Africa from an overall Labour Market Risk perspective, boosted by large labour pools and rising educational attainment levels, frequent bouts of worker strikes that disrupt production and the strong influence of labour unions expose businesses based in the sub-region to

Healthcare infrastructure PPPs will present growing opportunities for firms in Latin America over the coming years as governments in the region look to meet demand for such facilities while also minimising the impact of new investment on government budgets. Opportunities will be concentrated in Colombia and Argentina as both will see a number of