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Latest Development: On December 12 2023, two days after the inauguration of Javier Milei as Argentina’s new president, Argentinian Economy Minister Luis Caputo announced 10 broad policy measures as the first part of the new government’s agenda of macroeconomic adjustment. This involved a 55% devaluation of the peso from ARS366/USD to ARS800/USD

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• High frequency indicators suggest year-on-year GDP growth accelerated in the October-November period.
• However, that is largely due to a more favourable base of comparison in the same period in 2022, which suffered widespread Covid disruptions.
• We have revised our 2023 GDP growth forecast upward to 5.5%, from 5.2%, but retain our 4.7

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• We have become increasingly bullish in our outlook for the global planned carbon capture (CCUS) capacity in 2023. We currently expect the total carbon capture capacity to reach just shy of 330.0 million tonnes of CO2 (mt CO2/y) by 2032, spanning 231 operating, under development, and planned projects. Risks to this forecast are tilted

Key View: Over 2024, Ghanaian consumer spending will begin to recover from a period of elevated inflation. As price pressures ease into the year, we expect the Bank of Ghana to implement a dovish approach, easing the burden of debt servicing costs on household budgets. Consumer confidence will gradually improve over 2024 as stronger economic

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• We have maintained our forecasts for Brazil’s medical devices market and project that it will grow in single-digit terms over 2022-2027, driven by increased investment in healthcare.
• The orthopaedics & prosthetics product category will grow at the fastest CAGR over the forecast period, driven by technological advancements.
• The US

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• We anticipate that Ghana’s client loan growth will continue to slow to 8.5% y-o-y at end-2023, before picking up slightly to 11.5% at end-2024.
• On the other hand, deposit growth has remained much stronger in 2023, although will soften to 32.0% at end-2023 and 20.0% at end-2024.
• Compared to its peers, Ghanaian banks have considerably

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• We expect Samoan GDP growth will cool from an estimated 5.8% y-o-y in FY2023 (ending June 30 2023) to 4.0% in FY2024 as the post-pandemic recovery loses momentum.
• Growth will continue to be supported by robust tourism activity and resilient remittance inflows, though this will moderate as base effects become less favourable.
• Increas

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• The UAE-based healthcare platform, PureHealth, has reported strong demand for its IPO, valued at USD4.0bn in Q423. This demand is driven by the company's promising prospects in the UAE healthcare sector, as well as a robust appetite for IPOs among local equity investors in the kingdom.
• We highlight our Healthcare team's high private

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• Although the Reserve Bank of Australia (RBA) has not ruled out the possibility of another rate hike, we believe that the cash rate has reached its peak.
• We expect the RBA to maintain the cash rate at 4.35% during its February 6 2024 meeting due to a recent downtrend in headline inflation and to avoid further strain on household

With investors’ attention now focused firmly on 2024, BMI has selected six key themes that we think will drive economic outcomes across Emerging Markets (EMs) next year:

1.       Growth: External Headwinds Will Cause Growth to Slow

2.       Commodity Prices: No Return to Normal

3.       Monetary Policy: Broad-based Policy Loosening Ahead

4.