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• We have revised up our 2024 GDP forecast for the Spanish economy as private consumption is likely to perform somewhat better than we had anticipated in 2024 and our outlook on Spain’s industry has improved. We now expect the Spanish economy to expand by 2.2% in 2024 (previously 1.5%) after 2.5% growth in 2023.
• We remain of the view that

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• Access to cell therapies will improve across emerging markets following the approval and market launch of the first India-produced CAR-T cell therapy.
• Aging populations and low health expenditure will continue to drive demand for lower-cost cancer therapies.
• Growing demand for cancer care in India will put pressure on the government to grow

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• We have lowered our forecast for Saudi Arabia's 2024 GDP growth from 2.4% to 2.1% due to a sharper than expected slowdown in the non-oil economy, as seen in Q1 2024.
• Oil production will normalise in 2024, putting headline growth in positive territory in the second half of the year, after a significant contraction in 2023 due to OPEC+

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• We anticipate that Iceland's economy will expand by 1.5% in 2024, a slight decrease from our previous forecast of 2.0%, and by 3.1% in 2025 (previous forecast: 2.6%). 
• Whilst disinflation will support an expansion in real wages this year, the private consumption outlook will continue to be weighed down by tight monetary conditions for some

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• We expect that Pakistan’s wheat harvest in the 2024/25 (May-April) season, that began at the start of April and is due to be completed in mid-June, will amount to a record 28.8mn tonnes, in line with USDA estimates. In tandem with a projected domestic wheat consumption growth rate of 1.5% y-o-y in the same season, Pakistan’s wheat

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• The safety of medical devices will improve following the FDA’s 2024 Center for Devices and Radiological Health (CDRH) Safety Report. 
• Respiratory and cardiovascular devices will continue to be the most common Class I recalled products.
• Medical device recalls will have a limited impact to medical device manufacturers in the long term.

The

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• The Central Bank of the Republic of China (Taiwan) (CBC)'s decision to hike the policy discount rate by 12.5 basis points to 2.00% on March 21 came as a surprise to both us and the consensus. 
• While the CBC seeks to maintain price stability, we believe it will ensure that tight monetary conditions does not come at the expense of economic

• We continue to forecast a slowdown in Belgian GDP growth from 1.4% in 2023 to 1.1% in 2024 after growth was unchanged in Q124 at 0.3% q-o-q. 
• We expect private consumption to remain the key driver of economic growth in 2024, adding 0.5pp to the headline figure, while a larger contraction in imports drives net trade support.
• We expect the still tight

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• We believe that asset growth at Russian and Ukrainian banks will remain strong in 2024 and 2025. Subsidised client lending will drive asset growth in Russia, whilst Ukrainian banks will see growth in their securities and deposit asset portfolios.
• Both banking sectors will see their performance affected by regulatory measures taken to avert