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Latest Development: Preliminary results released by the Commission Electorale Nationale Indépendante (CENI) on November 20 showed that incumbent Malagasy President Andry Rajoelina of the Tanora MalaGasy Vonona party (TGV) is on course for a decisive first-round victory amid historically low voter turnout, following elections held on November 16

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• The global wind industry's demand for industrial metals will grow 45% over the next decade, increasing from 12.7mnt in 2023 to 18.4mnt in 2032 amid capacity expansion and the growing size of turbines. 
• We expect copper to see the sharpest demand growth with consumption in 2032 increasing 60%, 106% and 157% across our metals demand

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• We have raised our 2024 real GDP growth forecast for Venezuela from 3.7% to 5.8%, due to the temporary lifting of US sanctions on the oil sector.
• This will allow an expansion in oil production and export revenues, which will in turn help the government ramp up public spending while also keeping a lid on inflation.
• While we

Latest Development: Mobile network operators (MNOs) active in Indonesia’s telecoms market have partnered with the Ministry of Communication and Informatics (MCI) to deliver new incentive proposals to accelerate 5G deployment. Our view is that profitability boosts are unlikely to be obtained by amending regulatory charges surrounding the Non-Tax

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• While we remain cautiously optimistic for Pakistan's vehicle production outlook over the medium term, the continued FX shortages and power supply risks will sustain pressure on output in FY24/25 (July-June).
• Vehicle assemblers in Pakistan rely mainly on semi-knocked down (CKD) kits, and other auto parts imports to run their

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• We have raised our forecast for real GDP growth in Chile in 2023 from -0.1% to 0.1% after the release of Q323 data and revisions to H1 figures both showed stronger growth than expected.
• We continue to see a rebound to 2.0% growth in 2024, based on recent high frequency data, lower interest rates and inflation and a recovery in

Global Growth: We have lifted our forecast for global growth by 0.1pp to 2.6% in 2023, but have revised down the outlook for growth next year by a similar amount and forecast a sharp slowdown over the year to 2.1%. In part, the 2023 revision higher was driven by our more optimistic outlook for the US economy, for which we now forecast growth of

The Latest: In October 2023, the Hungarian government announced plans to introduce a new housing subsidy scheme (CSOK Plus) in 2024, in an attempt to regenerate the country's property market, which has been struggling since the Covid-19 pandemic. The current system, which provides generous tax refunds, discounted travelling and entry tickets

• We now expect the Dutch economy to grow by 0.2% in 2023 and 0.6% in 2024 (previous forecasts: 0.5% and 0.9%), marking a sharp slowdown from growth of 4.3% in 2022.
• Despite the latest downturn in figures, we anticipate a gradual rebound in private consumption in 2024.
• Net exports will continue to subtract from growth over the short term