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Latest Development: The Ministry of Industry and Advanced Technology (MoIAT) has launched the Transform 4.0 initiative, with the aim of accelerating digital transformation (DX) across the UAE's manufacturing sector. The scheme involves extending technological and business knowledge transfer to 100 'high-potential manufacturers in digitalisation'

Global Growth: The outlook for the global economy has remained relatively unchanged since April, and we continue to forecast global growth to come in at 2.4% in 2024. Although this marks a slowdown from the 2.6% registered last year, it is higher than our January projection of 2.1%, reflecting the relative resilience of the

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• We now forecast real GDP growth of 4.1% in Papua New Guinea in 2024, down from our previous forecast of 4.4%.
• While a recovery in mining exports will drive an acceleration in growth, elevated political instability, renewed inflationary pressures and tighter monetary conditions remain headwinds to domestic demand.
• Risks are skewed to the

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• We expect the National Reserve Bank of Tonga (NRBT) to adopt a broadly neutral monetary policy stance over the coming quarters.
• We forecast that inflation will ease from an average 6.4% in 2023 to 4.5% in 2024, below the NRBT's reference rate of 5.0%, while growth is likely to remain relatively subdued.
• We note risks that a renewed increase

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• We forecast 2024 real GDP growth of 2.7% in French Polynesia, down from an estimated 3.4% in 2023, as the tourism-led recovery loses some momentum.
• We expect tourism will remain an important driver of growth, while moderate inflation and easing monetary conditions will support consumption and investment activity.
• Risks to our growth forecast

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• Polls suggest that the ruling Liberal Party – which governs with the support of the New Democratic Party - is heading for a heavy defeat at the next general election (which must be held by autumn 2025).
• Against this backdrop, there is a risk that the government prioritises more populist and politically expedient solutions to longstanding

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• Thailand’s natural gas production is projected to recover in 2024 growing by 8% y-o-y.
• Thailand’s proved natural gas reserves are expected to rise further in 2024 as both local and foreign companies ramp up drilling activities in the Gulf of Thailand.
• Erawan and Bongkot fields holds the key to Thailand’s natural gas production growth in the

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• Global electricity prices expected to drop with falling fossil fuel prices. Although, prices will remain above historical-averages over 2024 owing to sticky inflation.
• European markets have some of the highest prices globally, with Denmark and Germany as leaders and Mozambique and Tunisia as laggards.
• Global commercial prices will be highest