Emerging, Real GDP YOY%
201720182021E
Emerging, Real GDP YOY%3.93.53.6
Argentina3.9-6.43.2
Bahrain2.95.4
Brazil1.41.12.2
Bulgaria43.42.8
Chile1.74.13.1
China6.86.46
Colombia1.82.73.7
Costa Rica2.91.3
Croatia3.42.32.3
Cyprus5.742.5
Czech Republic5.12.72.5
Ecuador2.90.81.8
Egypt4.85.46
El Salvador2.3
Estonia3.95.13
Georgia44.55.2
Ghana8.76.85.1
Guatemala2.73.5
Honduras4.83.8
Hungary4.452.4
India6.36.67.5
Indonesia5.15.25.6
Jamaica12
Jordan1461.83
Kazakhstan4.34.13.1
Kenya4.75.96.5
Kuwait-2.91.24
Latvia5.85.33.2
Lithuania3.93.82.7
Luxembourg0.61.23.2
Malaysia6.24.74.7
Mexico1.51.72.9
Mongolia5.37.2
Morocco3.52.94.5
Netherlands32.12
Nigeria1.22.42
Oman-0.32.1
Pakistan5.83.35
Panama4.94
Paraguay5.213.9
Peru2.94.83.9
Philippines6.76.27
Poland5.44.92.8
Qatar30.52.7
Romania8.443.1
Russia1.52.31.5
Saudi Arabia-1.43.62.1
Slovakia3.33.73.7
Slovenia4.23.82.5
South Africa1.61.11.8
South Korea3.12.72.8
Sri Lanka3.23.2
Tanzania6.8-2.3
Thailand3.94.13.6
Tunisia22.1
Ukraine2.43.53.7
United Arab Emirates0.81.73.1
Uruguay1.90.62.9
Venezuela-20-1.5
Vietnam7.57.36.5
N/A
[Negative] Teg: India

India's outlook is more positive as many investors and agencies think, but such a positive factors are something like promises of the government's projection. I am very skeptical on this. Around 40% of industrial facilities face with low capacity utilization rate, infrastructure is poor in comparison to China, many banks have on its balance a lot of non-performing assets wherethrough invested a lot into non-perspective sectors. Well, high-loaded investments in infrastructure is very critical for economy growth in India. But nowadays there is no any measurable action on it. Thus, I would suggest rather faded prospects for 2018-2019, but brighter right after 2019

[Positive] Teg: Saudi Arabia

The economy is expected to benefit this 2018 year from higher oil prices reflecting the success of cuts by OPEC and allies and strong as expected global growth compared to 2017. This additional revenue will help to boost internal consumption which constitute around the half of SA GDP. I would suggest a gradual growth in GDP from 2.2% in 2018 up to 2.5% in 2021. Also, the government announced privatization of Saudi Aramco and some others assets, this should attract more foreign investors to Saudi Arabia. If it happens it would be the greatest oil stock IPO with the total value of more than 1.5 trillions of dolor (I am measuring by Price-to-Reserves multiple). How many shares the Government would offer we do not know but it is rationale around 5%-10% in IPO, which would result in 75-150 billion of dollars. This is a good sign for investors and opportunities that Saudi Arabia offers if they would not postpone privatization as it was...

[Neutral] Teg: Russia

I just want to express one interesting point on the corruption in military sector in Russia. You all remember that Russia's Military Defense Minister Mr. Anatoly Serdyukov had been accused for wasteful spending of multi-billions of rubles which were dedicated to military upgrade and development. And what did Mr. Putin..., he just fired him but simultaneously they announced that this was an unprecedented corruption in Military Sector. Secondly, during this particular time Russians had not been doing any independent movement in global geopolitical scene. But right after that Mr. Putin demonstrated all his strength, military strength. I am assured that this was a strategic rational for this: they just showed to the world that Military Sector was under the control of such a man like Mr. Serdyukov in order to lull the world into a false sense of security that there were all thefts from senior to juniors in military sector of Russia and thus no development was possible....One day I had a meeting with senior military officer and he told me that Mr. Serdyukov never was in touch with any military officer.. This means that the Minister Mr. Serdyukov was just a folding screen behind which the really development of military force was underway. Maybe this is untrue but logically reasonable. I do not want to say that Russia does not have a corruption, It has indeed but I think that that strategic sectors are under close control.

[Positive] Teg: Russia

Russian Government set 2% target growth for 2018 year, I would suggest two main factors which are the base of such growth forecast. Firstly, the growth of internal consumption due to inflation dropped (to 2-3 percent, a level never imaginable for Russia) which ultimately strengthen real wages and thus spending.. Secondly, oil prices, as we see there is a gradual and steady increase in global oil pricing high exceed 3 years history - above $70 per barrel, this brightens Russia's outlook. I would bet minimum 4% of GDP growth for the next 3 years

[Positive] Teg: Russia

Russian economy is coming out of recession stronger and more stable than before despite western financial sanctions. Russian banks and companies considerable reduced their dependence on foreign debt. Personally, I am focused and domiciled in the USA and now I am becoming more interesting in the opportunity that offers Russian economy. As shown by many macro indicators, Russian economy has easily survived and is clearly not torn to ribbons while some high-ranking western officials cried from every corner. In my opinion, for the last 2 years many investors were forced to turn their backs from Russia that of course caused investing deficit, but now I suppose it is right time to come back, And I am highly likely to expect better growth in 2019 as the latest

[Positive] Teg: Mexico

In 2017 foreign investments in Mexico fell due to uncertainty relating to USA commitments to NAFTA. This will result in poor growth of GDP for 2018. This goes together with domestic policy uncertainty remains until presidential election on 1st July 2018. After, I would suggest that we may expect pro-American president thus we may expect positive shifts in policy (mainly renegotiation of NAFTA with the USA). Growth in Mexico seems to be moderately higher in 2019 and 2020, at 2.5-2.7 percent per annum but this year 2018 - poor 1.0% - 1.9%

[Positive] Teg: India

In most analysts report the outlook for India is largely positive notwithstanding the fact of its slowdown in 2017. Such a growth 7.3%-7.5% for the next two years 2018-2019 adds economy of India as a fastest growing emerging market in Asia and in the world. I would quote factors from UN report: positive forecast is supported by robust private consumption and public investment as well as ongoing structural reforms. Indian government plans to improve Goods and Service Tax as well as Bankruptcy Code which will lead to more efficient trend of growth in Long-run. Once the government of India continues to carry out structural reforms, prudent macro policies and redistribute towards infrastructural project - we may really bet a lot into India's outlook - merely 8% per year in GDP terms.

[Neutral] Teg: Netherlands

I would be moderate in forecasting the economy of Netherlands. The main drawback for me is that housing market slows in the begining of this year 2018 and thus the slowdawn of residential investments should be expected In overall I do not consider any other sound growth driver in Netherlands. Maybe wrong.

[Positive] Teg: Russia

I heard that notwithstanding the sanctions a lot of German businessmen are keen to invest and 2-3 times more right after the presidential election. I personally met about 10 good wealth persons. In my estimates this would give 2-3pp. more in GDP. I bet that Russia is one of the top country to invest in amidst emerging markets.

[Positive] Teg: United Arab Emirates

A recovery in oil prices together with diversification (to non-ore sectors) course announced by state officials will help the UAE economy to increase in 2018 at the rate of 3-4% in real GDP. Also recent growth in VAT will increase tax revenue which ultimately boost government spending (this will add around 1% in real GDP. As maybe easily seen from statistic page, tourism is also developing in good shape for 2018-2019 (tourism sector is one of the major item in state agenda for diversification)

[Positive] Teg: Saudi Arabia

The economy of Saudi Arabia is primary linked to oil price. For the next 2-3 years most analyst bet on steady growth in oil price, thus, It is likely to forecast economic growth. You know, that the government recently announced that it expects 2.7% GDP real growth rate. On this estimate I would doubt. Last year the government struggled against low oil market by spending cuts in order to lower budget deficit. Now the government plans to raise internal consumer spending by extra payment for government workers and the introduction of value-added taxation (VAT) reform. These all may strive GDP up to 2.0% - 2.1% growth maximum (as per the expectation of barrel of oil at $70).

[Negative] Teg: Brazil

The Brazilian government one month ago announced that GDP this year (2018 will grow faster and they wait recovery from the recession for the past 10 years. This is for optimists. I do not see real activity (as you know some big steps) to resolve structural problems in economy. Look, all they wants to do is to narrow a budget deficit by curtailing the social security system. This will not help. Obviously imho.

[Positive] Teg: Cyprus

I witnessed that due to offshore tax reform in Russia (of controlled foreign companies) a lot of Russian companies had to moved and are moving into Cyprus. The building construction (for offices and residential properties) is underway with its considerable paces.

[Positive] Teg: Turkey

As emerging economy Turkey offers the best investment case in terms of growth and downside risk in oil-linked shares. Due to positive dynamic in world oil prices as I estimate to be limited to 70 USD per barrel for 2018 year

[Negative] Teg: Argentina

Some businesses would be upset if they (as it was announced by the Government) cut economic subsidies mainly for energy and transport. I do not think that for these funds they (the government) may find more efficient application in others sectors if the money really be transferred to any of demanding sectors at all. I bet that the funds will go to government itself (for their internal needs) as it was in Argentina history from time to time.

[Neutral] Teg: Ukraine

Politicians in Ukraine are every day announcing the fight against the corruption. Sorry, but this is bullshit, and nobody may believe in this. Poroshenko by himself did nothing with his own bribable pocket (I mean that before hi became the President he promised to get rid of business, but until now his wealth as businessman has indeed increase (I check Bloomberg filings and forbs statistics). For growth the key factors is to erase the corruption, but Ukraine will fail to do it , there will be no any attracting of foreign investments...I do not take into account the announced privatization in favor of foreign friends (supporters against Russia) at knockdown (cheap) price. That would further squeeze Ukraine economy....unfortunately

[Positive] Teg: China

At the moment most annalists emphasize that this year China are faced with threats and so called big worries: (a) US tax reform which result in capital flow from China into the US, (b) tightening of financial and environmental regulations, (c) slowdown of housing and infrastructure construction in 2018-2019

[Positive] Teg: Netherlands

Main drivers for the economy of Netherlands are private consumption and domestic investments. It is expected wage increase and unemployment rate decrease, this would support higher consumption for 2018-2019. As per the corporate level it is expected that businesses would invest more in PP&E due to its obsolescence and as it was announced by many public companies to increase the utilization of capacity rates as a result we would expect higher production output and thus, higher growth.

[Neutral] Teg: Brazil

Brazil is going through real serious budget problems: aging of population with the trimming of social security spending. This is the main drawback for growth potentials of the country . Most people thinks the future election may help. I am skeptical to this. I would suggest to increase pension age and to invest heavily on to the sectors to replace imports.

[Positive] Teg: United Arab Emirates

Most analysts estimates GDP growth in 2018 to be 2-3 pp more than in 2017 thanks to solid upward in oil prices and service sector development in the economy of UAE