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• Ongoing El Niño conditions will continue to create uncertainties in our near-term hydropower forecast, with the weather event having varying impacts across regional markets.
• Latin America’s electricity consumption will increase strongly over the next decade driven by growing electrification and industrial activity. We expect that

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• Contrary to government projections for a narrowing of the current account deficit, we forecast it to widen from 2.6% of GDP in 2023 to 2.8% in 2024.
•  Weak external demand will limit the rebound in merchandise exports while the boost to the services account from tourism receipts will likely fade.
• The good news is that FDI inflows

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• Japan's planned overtime restrictions for truck drivers will worsen the current labour and capacity shortages in the sector, leading to higher logistics costs for industries.
• Trade growth will put additional pressure on Japan's logistics network, with capacity deficits causing supply chain bottlenecks and wider economic impacts.
• Des

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• We expect the Swiss medical devices market will record mid-single digit growth to 2027. 
• Orthopaedic and dental products will be the best performing product areas as elective procedures will remain elevated in the near term.
• The outcome of October’s federal election will mean little change for medical devices.

We expect the Swiss

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• We believe that Asia’s net electricity consumption will grow strongly, in tandem with the region’s rapidly expanding economies and energy intensive sectors.
• Renewables is leading the region’s power project pipeline expansion and experiencing accelerated project progress. This is in line with our forecast that renewables will continue

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• Real GDP contracted in Q3 2023, surprising most analysts, including us, to the downside.
• We have lowered our 2023 growth estimate to 0.5% from 1.3% while our 2024 forecast remains at 1.4%.
• The weaker economy may prompt the central bank to begin easing sooner than we currently expect in H2 2024.

New Zealand’s GDP contracted by 0.3%

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• We forecast Malaysia’s current account surplus to widen from an estimated 2.1% of GDP in 2023 to 2.6% in 2024.
• Slowing global demand will continue to weigh on Malaysia’s goods trade balance although we foresee exports bottoming out around the middle of 2024.
• Meanwhile, we expect that the recovery in inbound tourism will be sustained

The Latest: On December 21 2023, the UK and Switzerland signed the Berne Financial Services Agreement, a wide-ranging deal that sees the two markets mutually recognise each other’s regulatory regimes in financial services. British banks, asset managers, investment services firms and insurance brokers will now be able to service Swiss clients