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• Turkiye’s  ruling Justice and Development Party (AKP) experienced significant defeats at the March 31 municipal and provincial elections, with the opposition Republican People’s Party (CHP) increasing its vote share. 
• The AKP’s losses reflect the electorate’s general dissatisfaction with the ruling party’s economic policies, that

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• We expect limited social stability and policy continuity risks following Bassirou Diomaye Faye’s decisive victory over the incumbent-backed Amadou Ba in Senegal’s presidential election, held on March 24.
• Despite the upcoming presidential handover, we do not expect any drastic policy shifts as the opposition coalition lacks majority

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• We forecast that Mauritian real GDP growth will slow to 4.5% in 2024, from an estimated 6.5% in 2023. We have revised up our 2023 estimate, after Statistics Mauritius published the nominal growth outturn of 7.3% y-o-y in Q4 2023, up from 5.3% in Q3 2023. 
• We expect that construction sector growth will drive economic activity in 2024

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• Despite the election of the KO-led government in December 2023, the Polish political risk environment is likely to remain strained as the government faces significant obstacles in delivering its election pledges.
• Reversing reforms made to critical Polish institutions by the previous PiS government will prove challenging, particularly

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• South Korea's 2023 trade deficit with Mainland China, the first in 30 years, marks a historic shift in its trade relationship with its largest trading partner, culminating from a decade-long decline from a peak surplus in 2013.
• The changing trade patterns underscore China's decreased reliance on South Korean exports and South Korea's

The Latest: On March 11 2024, according to news reports, the China Nonferrous Metal Mining Corporation's (CNMC) Chambishi copper smelter in Zambia reduced its production due to power shortages in the country. This follows President Hichilema declaring on February 29 2024 that the ongoing drought constitutes a national disaster and emergency

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• Singapore's Ministry of Communications and Information unveiled that an expert committee is developing a Digital Infrastructure Act to fortify the resilience and security of Singapore's digital infrastructure beyond the current Cybersecurity Act, addressing a wider spectrum of risks to maintain continuous service delivery amidst a

The Latest: On March 25 2024, McDonald's ended its franchise agreement with Abans, its local partner in Sri Lanka, citing alleged issues with hygiene standards. All 12 outlets in the country have since closed.

Implications: Our Country Team forecast a continuous recovery of the wider Sri Lankan economy following the aftermath of the

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• Oman's economic growth will increase from 1.6% in 2023 to 2.1% in 2024, driven by normalised hydrocarbon production and a small drop in interest rates in H2 2024. 
• Net exports will contribute positively to growth with a minimal contraction in oil production and a boost in tourism due to diversification efforts.
• However, growth will

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• We flag the approaching EU Deforestation Regulation (EUDR) deadline as a significant downside risk for East African coffee producers due to the compliance costs and difficulties faced by the smallholder farmers prevalent in the region.
• We highlight the importance of this regulation for East African coffee producers as 41.5% of coffee