Middle East & North Africa Economic Outlook MENA Outlook: Oil-fuelled growth to mask non-oil slowdown GDP growth in the Middle East and North Africa will pick up over the next couple of years supported by rising oil and LNG output from the Gulf. However, lower oil prices will result in tighter fiscal... 27th March 2025 · 20 mins read
Japan Economic Outlook Japan Outlook: Tightening cycle has much further to run While trade tensions create downside risks, we expect GDP growth to be around trend this year. And following another strong showing in this year’s spring wage negotiations, wage growth will remain... 17th March 2025 · 18 mins read
Middle East & North Africa Economics Update Qatar’s economy waits for the North Field boost Qatar’s economy will be stuck in the slow lane for much of 2025 as non-hydrocarbon activity slows and LNG output remains constrained. But the North Field will start to come online from Q4 and provide... 26th February 2025 · 4 mins read
Commodities Update Platinum set to take a narrow lead over palladium A slowdown in the adoption of EVs – along with an increasing preference for hybrids – is likely to increase demand for platinum by a bit more than for palladium over the coming years. Accordingly... 6th February 2025 · 3 mins read
Commodities Update Silver to outperform gold over the coming years Traditionally, our bearish view on industrial metals, informed by China’s struggling property sector, would lead us to expect weakness in silver demand and prices. But given the growing use of silver... 27th January 2025 · 3 mins read
Middle East & North Africa Economic Outlook Growth to strengthen as Gulf opens up the oil taps GDP growth in the Middle East and North Africa will accelerate in 2025 on the back of higher oil production in the Gulf. The UAE will be the Gulf’s top performing economy and, elsewhere, we expect... 11th December 2024 · 22 mins read
Japan Economic Outlook Bank of Japan will hike rates to 1.25% by end-2026 We now expect inflation excluding fresh food and energy to remain above the Bank of Japan’s target for most of next year as the yen remains weak for longer and the upcoming spring wage negotiations... 3rd December 2024 · 18 mins read
Middle East & North Africa Economics Update Morocco’s economy to accelerate Morocco’s weaker economic performance this year is likely to be a blip. Buoyed by low and stable inflation, looser monetary policy, and a burgeoning manufacturing sector, we expect Morocco’s economy... 21st November 2024 · 6 mins read
Middle East & North Africa Economic Outlook Gulf’s non-oil sectors set for a slowdown Headline GDP growth in the Gulf economies will strengthen sharply in 2025 as oil output cuts are unwound. But lower oil prices will prompt a turn to fiscal consolidation in most of the Gulf, causing... 19th September 2024 · 20 mins read
Middle East & North Africa Economics Update UAE’s to remain the Gulf’s star economy The UAE’s economy has been the strongest performer in the Gulf over the past year or so and a robust non-oil sector should help the UAE retain its crown as the fastest growing economy in the region. 6th August 2024 · 4 mins read
China Economic Outlook Manufacturing boom to shore up growth a while longer China’s economy is on course to expand by 5.5% this year, buoyed by policy support and strong exports. But we remain less sanguine about the medium-term outlook. 25th June 2024 · 15 mins read
India Economic Outlook Economy in good shape as Modi 3.0 begins Prime Minister Modi begins his third term with a weakened mandate, but an economy that is primed to grow by 6.5-7% per year between 2024 and 2026. That would put India on course to become the world’s... 20th June 2024 · 16 mins read
Commodities Update A primer on the EU’s deforestation regulation The EU Deforestation Regulation (EUDR) will rejig the way commodity imports enter the EU when it comes into force later this year and could lead to premiums for compliant commodities over non... 17th June 2024 · 3 mins read
Japan Economic Outlook Window for policy tightening is closing A rebound in real household incomes should ensure that the recent slump in output should turn into above-trend GDP growth of 1% over the next couple of years. Regardless, inflation will continue to... 4th June 2024 · 18 mins read
Australia & New Zealand Economics Weekly Reluctance to inflict pain comes back to bite the RBA We aren't convinced that the further pick-up in trimmed mean inflation in the Monthly CPI Indicator in April will be replicated in the quarterly measure that the Reserve Bank of Australia considers... 31st May 2024 · 4 mins read