EME Macro/Strategy: Kazakhstan – pick-up in 2021E
The effect of COVID-19 depressed domestic economic activities, especially services and commodities exports, with the preliminary data pointing to a 2.6% contraction in 2020E.This outperformed our 3.0% contraction expectation for 2020E. The positive dynamics that contributed to this are industrial production, which contracted at a soft pace, after solid growth in previous years, and the construction sector, which recorded growth, albeit on a downward trajectory since 2019. Notably, even though services showed an overall decline, we saw a divergent trend in the communication sector, which recorded a significant pick-up compared to previous years.
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.
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