Articles

Key View: The new trade agreement between India and several markets in Europe will act as a key catalyst in opening up India's consumer market to foreign luxury watchmakers. Typically one of the first aspirational jewellery purchases, a growing upper-middle class in India will offer strong low base and organic growth in consumer spending over the

Key View

• We maintain our forecasts for Ecuador’s construction industry this quarter, which we expect will see a modest 1.6% y-o-y growth in real terms in 2024 and 2.9% y-o-y real growth in 2025. This follows from a 0.4% y-o-y contraction of the industry in 2023 based on a severe El Niño weather pattern and electricity rationing disrupting

Key View

• We forecast that real GDP growth in Trinidad and Tobago will come in at 2.0% in 2024, up from our 2023 estimate of 0.7%.
• The acceleration will be driven by robust expansion in domestic demand thanks to falling unemployment, stabilising inflation and strong growth in public spending.
• Meanwhile, net exports will benefit from an

Key View 

• Data centre hyperscalers are shifting their focus toward powering their infrastructure with nuclear energy.
• In particular, Small Modular Reactors (SMRs) are gaining popularity due to their scalable clean energy output and safety features, which are considered superior to those of larger-scale projects.
• Our Power team highlights

Key View

• Further dismissals of lawsuits targeting the Inflation Reduction Act (IRA) will continue to pose downside risks to drugmakers in the US.
• Negotiations will set a precedent for drug pricing, as drugmakers present counter offers to Centers for Medicare and Medicaid Services (CMS). 
• Drugmakers and relevant stakeholders implicated in

Key View  

• Germany's medical devices market will experience steady growth and will remain one of the most attractive medical devices markets worldwide despite ongoing macroeconomic constraints. 
• Germany will remain one of the world’s most innovative medical device manufacturing economies, supported by an expanding rate of medical device

Key View

• The parties in Germany’s ruling coalition face an uphill battle to regain lost support following the economy’s contraction in 2023 and recurrent policy infighting. 
• Following the fallout from complications surrounding the 2024 budget, we forecast that upcoming negotiations for the 2025 budget will reopen rifts within the coalition.

Key View

• The UK government's budget allocation will reaffirm its dedication to strengthening the pharmaceutical industry as a key pillar of economic stability.
• A competitive business tax regime will continue to attract strategic investment.
• A dedicated investment in manufacturing promises to enhance UK pharmaceutical exports long-term

Key View:

• Kazakhstan is poised to see strong growth in trade activity in the near term, especially as shippers based in Europe and Asia increasingly divert their cargoes from traditional Red Sea passages and routes through Russia, in favour of more strategic alternatives.
• We anticipate that the rail sector will significantly benefit from the

Key View

• Portuguese legislative elections held on March 10 resulted in a tightly contested race between the two main parties, the incumbent centre-left Socialist Party (PS) and the centre-right Social Democratic Party (PSD)-led coalition (the Democratic Alliance or AD). The PS secured a narrow plurality, receiving 28.66% of the vote, just