Key View 

• As the Russia-Ukraine war carries on, Kazakhstan’s multi-vector approach to foreign policy has proven to be tricky to manage. 
• While Kazakhstan continues to maintain friendly relations with Russia, its needs to diversify transport and infrastructure links away from Moscow has increased amid tightening economic sanctions. 
• Over the long term

Key View:

• Slovenia will continue to grow as a regional hub for pharmaceutical manufacturing.
• Pharmaceutical trade in Slovenia will continue to outpace sales in the market.
• However, drugmakers in Slovenia will face headwinds due to geopolitical and economic risks.

Slovenia will continue to grow as a regional hub for pharmaceutical manufacturing. On

Key View

• Sweeping cost containment strategies will present headwinds to Switerland’s pharmaceutical landscape.
• Switzerland's aging population will continue to necessitate government efforts to balance high healthcare costs.
• Recent policy shifts will drive increased uptake of generic and biosimilar drugs, supporting market growth in these segments.

Swee

• We forecast the krone to unwind recent losses in the near-term and appreciate to an end-2024 rate of NOK11.32 per EUR, from its

Key View

• The National Bank of Romania (NBR) maintains a hawkish policy stance compared to its peers in Central and Eastern Europe, and we retain our core expectation for it to lower its deposit rate 7.00% to 6.25% by year-end.
• We forecast that Romania’s headline inflation rate will decline gradually over the coming months, reaching an end-2024 rate

Please Note: BMI is enhancing its risk analysis with a new scoring system following its acquisition of GeoQuant, a market-leading provider of political risk data. From March 27 2024, risk scores are inverted: zero now represents the lowest risk and 100 represents the highest risk. This allows for clearer, industry-standard assessments. For further

Key View

• We expect the recovery of the Serbian economy to continue in 2024 as consumer spending rebounds. We forecast GDP to expand by 3.0% after a 2.5% expansion in 2023.   
• Declining inflation alongside a still tight labour market will likely support consumer purchasing power in 2024, allowing for a recovery of private consumption growth from 0.8%

Key View: Over 2024, we expect an increase in the total tourist arrivals to Greece, with growth building on a full recovery to pre-Covid (2019) levels in 2023. Over the medium term (2024-2028), we forecast arrivals to continue expanding in line with increased arrivals from traditional and emerging major source markets for arrivals. Tourism

Key View

• Following a predicted expansion of the Polish macroeconomy, we anticipate that both public and private healthcare sectors in Poland will experience robust growth.
• The utilisation of private healthcare services in Poland is expected to continue its upward trend, as an increasing number of individuals opt for a combination of public and

Key View

• The Czech National Bank (CNB) cut rates by 50bps to 5.25% on May 2 2024, as we had expected, while adopting a less dovish tone. This has prompted us to keep our end-2024 policy rate forecast unchanged at 4.25%.
• A firmer recovery in economic activity in 2024, which will drive higher inflationary pressure from H224, underpins our more-hawkish