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• Global support for solar continues to strengthen in the second half of 2023, as the technology maintains its low-cost status, compared to other non-hydropower renewables. We revised up our annual average growth rate for the coming 10 years from 12.2% to 13.9%.
• We expect the world’s total solar capacity to reach about 1,320GW by the

We forecast that growth in Sub-Saharan Africa (SSA) will accelerate to 3.7% in 2024, from a projected 2.8% in 2023. Excluding 2021, the peak year for post-Covid recovery, this is the fastest rate of growth in a decade, and positions SSA as a global outperformer given slowing growth in developed markets. However, faster headline growth masks

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• Challenging macroeconomic conditions, a persistent cost burden on industry participants and the overhang of tight monetary policy conditions will weigh on infrastructure investment and construction industry activity in 2024.
• Higher debt servicing costs and structurally elevated sovereign debt levels will undermine infrastructure

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• The global oil and gas capital expenditure growth is expected to sharply decelerate from 2024 onwards compared with the levels seen between 2021 and 2023. Companies will become more cautious in spending amid growing market uncertainty and softening energy prices as they broadly continue to prioritise value over output growth.
• MENA

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• In 2024, we expect to see only slight improvement to mineral and metal prices due to weak demand in Mainland China and a subdued outlook for other major markets with global growth decelerating from 2.6% in 2023 to 2.1% in 2024.
• Heightened concerns over critical mineral resource security in major economies will continue to drive the

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• Over 2024, we expect a surge in grid investments as markets work to meet the transmission needs of growing non-hydro renewable capacities, with a focus on large scale projects and renewable interconnection.
• We believe that the preference for solar will intensify over 2024, further pushing solar's lead up when compared to wind as the

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• The US Bureau of Industry and Security has amended the technical and geographic scope of its export controls on semiconductors and related equipment towards 17 new emerging markets across Central, South East Asia and the Middle East & North Africa region. 
• In our view, emerging markets, which have been identified as a technological

Latin America's regional growth rate will decelerate in 2024, with Central America seeing the sharpest slowdown due to its reliance on the US. Several central banks in the region already began cutting rates in 2023, ahead of the US Federal Reserve, and interest rates will continue to fall across Latin America in 2024, though at a gradual pace. A

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• In 2024, grains price declines will slow, with rice somewhat of an exception due to India's trade restrictions and El Niño anxieties, while markets will remain comparatively tight, rendering prices susceptible to upward momentum-driven runs on adverse supply-side developments.
• Considering its profound effect on agricultural soft

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• Digital transformation of industries and societies is already underway, but 2024 will see a marked acceleration in this process as disruptive technologies -particularly AI - create opportunities for new services, applications and solutions.
• New business models will be needed to fully exploit the potential of digital transformation