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Latest Development: As we had expected, Al Maghrib (BAM) kept its benchmark policy rate at 3.00% for the third consecutive quarter on 19 December. Meanwhile, on December 20, the Haut Commissariat Au Plan released figures showing that inflation decelerated from 4.3% y-o-y in October to 3.6% in November.

Latest Development: The attacks on shipping around Yemen in the second and third weeks of December 2023, have resulted in several freight operators and shippers suspending operations on routes passing Yemen and the Red Sea, while maritime shipping rates have already increased. Indeed, Maersk, BP and Evergreen are among a growing list of companies

Key View

• The measures proposed by the Ministry of Health will strengthen Kuwait’s pharmaceutical resilience and prevent medicine shortages.
• However, Kuwait will continue to lag behind neighbouring markets in the development of its pharmaceutical sector.
• The Kuwait’s high dependence on the oil sector and unstable political scene will continue

Key View: Central and Eastern Europe has some of the most expensive residential real estate markets from an affordability prospective, with the Czech Republic and Hungary having some of the highest house price-to-income ratio in the region. The lack of affordability will mean that consumers will look to update their homes through smaller ticket

Key View

• Leading mining economies depend greatly on Mainland Chinese critical mineral demand in the same way major economies like the US and the EU rely heavily on Mainland Chinese critical mineral supply.
• Despite the risks associated with heavy dependence on a single export market, we do not see this as a major threat to mining nations given

Key View

• EM growth seems to have been mixed in Q323, but more timely activity and survey data point to conditions strengthening at the end of the year.
• Inflation continued to ease in late 2023. In 2024, we think that slower inflation and a dovish pivot by the US Fed will prompt most EM central banks to loosen monetary policy.
• Even so, we

Key View

• The Banco Central de Chile cut from 9.00% to 8.25% and signalled that additional cuts were on the way at its December 19 meeting, despite concerns about November’s high inflation print.
• We see the rate falling to 5.00% by end-2024, as inflation continues to come down – thanks in part to stability in the Chilean peso – and global

The Latest: In December 2023, Puerto Rico's House Representative José Enrique Meléndez sent a letter to the US Senate advocating for the incorporation of the American Drugs Act. This new law will encourage the promotion of domestic manufacturing and trade, guaranteeing a supply of essential medicines in Puerto Rico. Meléndez also emphasised that

Key View

• We have revised down our 2022-2027 growth forecast for Argentina’s medical devices market due to low economic growth over the medium term.
• Expected healthcare budget declines under Javier Milei’s presidency will pose headwinds for the medical devices market in the short-to-medium term.
• The substantial depreciation of the Argentine

Key View

• At the 28th global climate summit, COP, 100 markets pledged to triple global renewable energy capacity by 2030, as such we expect strong growth for non-hydropower renewables as well as manufacturing supply chains, battery storage and grids as secondary beneficiaries.
• In contrast global thermal power will see further contraction as