EME Macro/Strategy: Kazakhstan – COVID-19 risks may weigh on growth
The latest data suggest that Kazakhstan’s 2021E growth outlook is set to underperform our earlier forecast of 4% slightly. The main factor behind this downside is the epidemiological developments during 1Q21, which forced the government to keep the COVID-19 restrictions tight, with negative consequences for the GDP dynamics. The twin deficits, instead, are unfolding broadly in line with our expectations – with minor imbalances, amid the international background of the significant worsening of fiscal positions in many countries. Overall, we reinforce our expectations for the Tenge to trade sideways, close to 423/USD throughout 2021E and 436/USD in 2022E (aop values).
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.