Fitch Solutions Inc

Fitch Solutions Inc
Private Company Research Report

Sunday, March 07, 2021
Last Updated: Sunday, February 14, 2021
Fitch Solutions Inc

Fig 1: Company Summary In this Report:
PermID 4298092054 Highlights: Page
Fiscal Year End 31 Dec 2015 Company Summary 1
Website https://www.fitchsolutions.co Activities 1

m/
Financials 2
Board and Management 3

Fig 2: Activities News (Past 12 months) 4
Our foundation is built on a history of credit, macro and Index 52

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Fitch Solutions Inc
Fitch Solutions Inc

Fig 3: Financials
Fitch Solutions Inc
Key Stats
Estimated Net Worth: Pound29.9M
Estimated Assets: Pound105.0M
Estimated Liabilities: Pound75.5M
Estimated Cash: Pound500.7k
BuySellSignals Private Company Research Report

PC Reports provide detailed information on businesses which are not traded on public exchanges.
Currently, we cover about 65,000 Private Companies from 34 countries. We are steadily building up our cover. The articles vary in
response to the data available. Triggers are broadly the companies’ own Releases, which we supplement with our research on its
corporate profile, including its activities, ID and contacts, its Financials (where disclosed), its recent previous releases over a trailing
period (dependent upon the number) and its top management.
For any inquiries including information on archives, please email: feedback@buysellsignals.com
www.BuySellSignals.com Page 2
Fitch Solutions Inc
Board and Management

Fig 4: Top Management
Brian Filanowski
President
Nick Morgan
Managing Director & Head - Country and Industry Macro Intelligence.
Julian Acquari
Managing Director & Global Head - Sales
Michelle Adler
Head - Marketing
Ian Mattinson
Head - Product
Lyndsey Anderson
Head - Global Research
Luciano Dolgetta
Head - Finance, Strategy and Business Operations
Steven Miller
Global Head of Leveraged Finance Intelligence

Fitch Solutions Inc
Business News Round Up

News (Past 12 months)
Fig 5: Press Releases: 2021
February 2021:
February 25: Fitch Solutions Inc: Robust Growth Outlook For Greek Solar
Key View
We forecast consistent growth in Greece's non-hydropower renewables segment with risks to solar capacity growth abating.
Greater government support for the sector underpins our positive outlook for Greek solar, with supportive policies announced
creating upside risks to forecast.
Solar will continue to offer increasing opportunities for both foreign and domestic dev.
Source: Company Website

For more details click here.
February 03: Fitch Solutions Inc: Asian Telcos Moving To The Edge Through Cloud Partnerships
Recent edge computing partnerships indicate that Asian operators are keen to improve their 5G capabilities to serve more
sophisticated business and public sector use cases. Developed markets present the strongest opportunities for cloud majors to
grow their sales, while the potential in emerging markets, where consumer spending power and business digitalisation are
lower, wil.

Fig 6: Other News: 2021
February 2021:
February 25: Fitch Solutions Inc: Ford's Electrification Strategy Reflects Strength Of EV Policies In Europe
Key View
Ford's announcement that it will seek to completely electrify its European passenger vehicle (PV) range by 2030 evidences two
realities; the policy environment in Europe is effective in driving industry change, and automakers will continue to find value in
internal-combustion engine (ICE) vehicles in markets with a slower pace of adoption, namely the US, and developing markets
with gre.

February 25: Fitch Solutions Inc: South Korean Government Will Continue To Foster The Domestic Pharmaceutical
Industry
Key View

Fitch Solutions Inc
Business News Round Up (continued)

South Korea's biomedical research and development sector will continue to flourish in line with growing investments by the
government.
Prospects for South Korea's domestic pharmaceutical industry will remain bright.
The outlook for South Korea's pharmaceutical exports will continue to be positive.

February 25: Fitch Solutions Inc: Nigeria's Automotive Production Outlook Hampered By Lower Import Duties
Key View
We believe Nigeria's vehicle production outlook for 2021 and beyond has turned negative following the implementation of the
2020 Finance Act which reduced import duties on imported vehicles.
Nigeria's automotive production will remain attractive over the longer term as a high driving age population offers an attractive
incentive for investments into automotive production driv.

February 03: Fitch Solutions Inc: Mexican Consumer Recovery Getting Underway In 2021
Key View: We forecast household spending in Mexico to begin to return to growth in 2021, with household spending in the
country growing by a real rate of 8.3% y-o-y over the year, a significant improvement from the -12.2% y-o-y contraction in 2020.
We note that a lack of large-scale stimulus measures will constrain the economic recovery in the coming quarters and will
continue to weigh on household spending in 2021. Mexico has rolled out its vaccination programme, with the aim to vaccinate
the majority of its vulnerable population in H121. Source: Company Website
February 02: Fitch Solutions Inc: Egypt's Regional Gas Hub Ambitions Supported By Israel Imports, Hindered By
Rising Demand And Falling Production
Egypt will import increasing volumes of natural gas from Israel over the medium-term, as Egypt relies more on imports to achieve
its ambition of becoming a regional gas hub. Whilst the upstream investment picture is looking positive, Egypt's gas production
is forecast to peak at over 65bcm in 2022 and decline thereafter without further efforts to boost production, hindering E Source:
Company Website
February 02: Fitch Solutions Inc: SSA Green Hydrogen Index: South Africa Ranks Highest In Region
Fitch Solutions has developed a Hydrogen Index which assesses the suitability of a market for the development of a green
hydrogen industry. Although most markets in the SSA region perform poorly on our index, several stand out as having potential
for green hydrogen production. South Africa remains the region's top-ranked market, given its well-established power sector
and hav


Fitch Solutions Inc
February 01: Fitch Solutions Inc: Limited Activity In Antipsychotics Drug Development Unlikely To Change Despite
Being A USD14bn Market
Despite being a USD14bn market, there is a lack of innovation as there has only been one novel drug approval since 2015. The
appetite to develop third-generation antipsychotics is low due to a high failure rate of candidates that are investigated. The
'Dopamine Hypothesis', an area of controversy in research, continues to be an overbearing constraint in the developm Source:
Company Website
January 2021:
January 28: Fitch Solutions Inc: Bosnia-Herzegovina's Limited Healthcare Funding Will Slow Recovery From Covid-19
Crisis
Key View
Bosnia-Herzegovina to seek Covid-19 vaccines directly from manufactures amid growing concerns regarding delivery delays
from global schemes.
A highly decentralised healthcare system and shortage of healthcare supplies risk smooth vaccine rollout.
Declining government budget will delay necessary healthcare reforms.

January 28: Fitch Solutions Inc: Latin America Green Hydrogen Index: Chile's Top Ranking Aligns With Green
Hydrogen Ambitions
Key View
Fitch Solutions has developed a Hydrogen Index, which assesses the suitability of a market for the green hydrogen industry. The
Latin America region contains a handful of markets with significant potential for the development of green hydrogen, although
there are several weaker performing markets that rank well below the global average.
Chile is set to move ahead of Mexico to.

January 27: Fitch Solutions Inc: Opportunity For Expansion In Singapore's MGR Private Label Brands
Key View: At Fitch Solutions, we believe there is opportunity for mass grocery retailers in Singapore to develop and strengthen
their portfolio of private label offerings. We forecast household disposable income growth to slow down and an uptick in
inflation over the medium term, causing consumer spending in Singapore to come under pressure. Consumers will increasingly
re-prioritise their food budgets.

January 26: Fitch Solutions Inc: Netherlands Re-Export Market Blunts Covid-19 Shock To Medical Device Market
Key View
Netherlands medical device market expected to grow in mid single-digits over the 2020-2025 period, largely due to the
ongoing the Covid-19 pandemic and related economic contractions.

Fitch Solutions Inc

The Dutch re-export market, with the aid of a weak US dollar, stunted the worst effects of Covid-19 on the medical device
market.
Political scandal and Covid-19 crisis will allow more c.

January 25: Fitch Solutions Inc: Malaysian Vehicle Sales To Weather New Lockdown Amid Tax Exemption Extension
Key View
The re-introduction of movement restrictions in Malaysia to curtail the rapid rise in Covid-19 cases will be offset by the extension
of the sales tax exemption on new vehicles in 2021.
The vaccine rollout beginning in February 2021 will instilbconfidence back into consumers and businesses, leading to the
resumption of delayed vehicle purchases.
The decision by the c.

January 25: Fitch Solutions Inc: Tanzania's Healthcare System Continues To Suffer From Acute Workforce Shortages
Key View
The shortage of healthcare staff is a major challenge faced by Tanzania's healthcare sector.
Tanzania's government continues to invest heavily in the healthcare sector.
Digital health can help tackle some workplace inefficiencies.

January 25: Fitch Solutions Inc: The Hidden Risk Of Long Covid In 'Post-Covid' World
Key View
Long covid is a chronic, debilitating condition that may blunt economic recovery in markets badly affected by Covid-19.
Conditions similar to long covid are under researched, and there are no known cures.
The magnitude of the Covid-19 pandemic may change attitudes to post viral syndromes, and increase funding for research.

January 08: Fitch Solutions Inc: Uganda's Healthcare System To Remain Strained Under The Weight Of Disease
Outbreaks
The second wave of Covid-19 infections in Uganda continues to overwhelm hospitals. Access to a Covid-19 vaccine will help
alleviate some of the burden on the healthcare system. Malaria remains the leading cause of illness and death in the country.
Uganda's low healthcare expenditure per capita will limit healthcare resources available to the public.

Fitch Solutions Inc

January 08: Fitch Solutions Inc: Carrefour Strengthens Its Convenience Store Presence In Taiwan
Taiwan presents an attractive market for convenience retail development on the back of a strong economic outlook and
having been relatively shielded from the negative impact of the Covid-19 pandemic. We note that Taiwan also benefits from a
large urban population and high incomes, which will help support the convenience trend over the medium to long-term.
French Mas.

January 07: Fitch Solutions Inc: Chile To Continue Leading The Way For Vaccine Rollout In Latin America
Chile's multiple vaccination deals will help the country inoculate the majority of its population. The country's lawmakers propose
to make the Covid-19 vaccine mandatory. Chile's relatively high healthcare spending per capita has helped the country have
a strong Covid-19 response.
Chile is the first country in Latin America to begin vaccinating against.

January 07: Fitch Solutions Inc: Meat And Poultry Spending Outlook In Oman Slowing
Growing price sensitivity and increased domestic production of meat and poultry products will put downward pressure on
household spending on meat in Oman over 2021-2025. At a compound annual growth rate (CAGR) of 4.0%, we project
moderate growth in spending on meat and poultry in the country over our medium-term forecast period (2021-2025), slower
than the CAGR of 8.2% record.

January 06: Fitch Solutions Inc: Latin American Parliamentarians To Advance Laws To Accelerate Digital Health
Transformation
Latin American countries continue to work towards advancing digital healthcare. Argentina is one of the digital health leaders
in the Latin American region. Covid-19 has largely driven the need for digital healthcare reforms across the region.
Latin American countries continue to work towards advancing digital healthcare. On December 30.

January 04: Fitch Solutions Inc: Vehicle Production Costs Will Rise In 2021 As Commodity Prices Rebound
Key View
The cost of producing vehicles will rise once again in 2021 as commodity prices rebound owing to increased demand.
The drive toward profitability in the electric vehicle industry will also be somewhat delayed as the price of copper, nickel and
aluminium rebounds in 2021.
While we expect the price of vehicles to climb in 2021 as the production cost increases, the sti.


Fitch Solutions Inc
January 04: Fitch Solutions Inc: Digital Health Will Boost Taiwan's Healthcare System
Key View
Digital health will continue to strengthen healthcare operations in Taiwan.
Digital health partnerships are likely to increase in frequency in the future.
Taiwan's national health insurance scheme remains significantly better than others in the region.

Fig 7: Press Releases: 2020
December 2020:
December 17: Fitch Solutions Inc: Coca-Cola Launches Hard Seltzer In Latin America
Carbonated drinks spending risks coming under pressure in Latin America, with the likelihood of greater government
intervention in an attempt to curb the consumption of excess sugar to fight the growing obesity epidemic. Greater awareness
in regards to health will also be a downside risk to soft drink majors, as consumers seek to decrease their consumption of sugary
drinks.

December 15: Fitch Solutions Inc: Successful Wind And Solar Project Tenders Boost Ecuador's Renewables Outlook
We maintain a positive growth outlook for Ecuador's nascent non-hydro renewables sector, in which we forecast non-hydro
renewables electricity capacity will grow 260% between 2020 and 2029. Supporting our view, we highlight the recent successful
conclusion of wind and solar tenders, which will add 310MW in wind and solar capacity by 2023. The participation of a rang.

December 01: Fitch Solutions Inc: 'Second Wave' Further Deteriorates Refining, Fuel Demand Growth Outlooks For
Pakistan
A sharp resurgence in new daily Covid-19 infections in Pakistan has put the brakes on the government's economic reopening
plans after earlier lockdowns. Pakistan's extended fight against Covid-19 triggers larger downside revisions to our 2020
downstream forecasts. Looking beyond the current pandemic headwinds, long-term underlying fundamentals in Pakistan's fuel
mar.


Fitch Solutions Inc
November 2020:
November 18: Fitch Solutions Inc: Robust Growth Outlook For Turkish Wind Power Sector Despite Near-Term
Challenges
We have made upwards revisions for our Turkish wind power forecast over the coming decade due to signals for strong growth.
We now forecast nearly 18.6GW in total wind power capacity by 2029. Supporting our outlook, we highlight several factors
which will result in robust growth within the sector, including a sizeable project pipeline, a mature domestic manufacturing
supply c.

November 18: Fitch Solutions Inc: Amazon Makes Significant Move Into Healthcare With Launch Of Pharmacy
Business
The launch of Amazon Pharmacy in the US represents the company's most significant step into healthcare yet, as the
healthcare industry continues to attract technology and online giants. While the platform will address growing consumer
demand for personalised healthcare, crossover with Amazon's consumer-focused business raises data privacy concerns.
Amazon's establis.

October 2020:
October 23: Fitch Solutions Inc: Algerian Fiscal Deficit To Narrow Only Slightly In 2021
We at Fitch Solutions expect Algeria's budget deficit to remain elevated in 2021, with our forecast for the shortfall standing at
10.1% of GDP for the year, only slightly lower than an estimated 10.9% in 2020. Oil production and prices will remain below levels
seen in recent years, weighing on oil revenues while non-oil revenues will be constrained by weak economic growth.

October 06: Fitch Solutions Inc: Canmart Acquisition To Grow Halo Labs Presence In European Medical Cannabis
Markets
Canmart acquisition to open opportunities for Halo Labs to access the high potential UK medical cannabis market. UK and
European medical cannabis markets to grow rapidly. Canmart the latest in a series of acquisitions which will grow Halo Lab's
presence in a variety of regional markets.

October 05: Fitch Solutions Inc: Wisynco And AB InBev Partnership To Expand Premium Beer Offering In Jamaica
Jamaican manufacturing and distribution company Wisynco has announced that it has entered into a partnership with AB
InBev, in September 2020, to exclusively distribute a selection of AB InBev's brands in Jamaica. We note that whilst beer
consumption in Jamaica has decreased in 2020, due to the impact of Covid-19 (shuttering of bars, restaurants during lockdown
and imposed curfews), J.


Fitch Solutions Inc
September 2020:
September 03: Fitch Solutions Inc: South African Retail Sales Recovering, But Hampered By Strict Regulation
Covid-19-related restriction measures have seen South African retail sales contract for a third consecutive month in June 2020.
Several demand-side risks are evident in the market, impacting South African consumer spending over the remainder of 2020.
We highlight two key trends that are currently playing out for South African consumers. The first is a home improveme.

September 01: Fitch Solutions Inc: Commodities Sector Post Covid-19: Winners And Losers
Key Views
The Covid-19 pandemic is severely impacting the commodities sector, leading to weaker agricultural, oil and metal prices,
clear operational hurdles and supply chain disruptions. While the industry is currently in a recovery mode, along with economic
activity, Covid-19 will have a profound long-term impact on the commodities sector.

March 2020:
March 19: Fitch Solutions Inc: Gym And Fitness Subscription A Trend To Watch In China, Despite Covid-19 Outbreak
A large youth population, expanding wealth and increasing health awareness are the demand drivers behind the gym and
fitness-as-a-subscription services (yoga, spin, boxing) expansion in China. While this sector has struggled during the Covid-19
(coronavirus) outbreak, we believe that this will be a short term dampening to this trend, as the underlying fundamentals
remain in place. We believe that international and domestic fitness service providers that continue to innovate, and continue
to offer unique exercise experiences will be best placed to grow their offering and engage wit.

Fig 8: Other News: 2020
December 2020:
December 30: Fitch Solutions Inc: Philippines Coal Power Projects To Face Headwinds
Key View
We have revised our coal generation forecasts from post-2026 and now expect it to grow at a much slower rate than we
previously expected, with further downside risks as coal projects continues to face strong and increasing public opposition.
Our forecast revisions result from the moratorium on coal power projects that was announced by the government in October
2020, which wil.


Fitch Solutions Inc
December 30: Fitch Solutions Inc: 2020 Year In Review: Asia Pacific Medical Devices
In 2019, we highlighted four key themes and risks that we thought would play out in 2020 (see 'More Caution Than Optimism:
Top Risks In Asia's Medical Devices Sector In 2019.

December 29: Fitch Solutions Inc: 2020 Year In Review: Middle East And North Africa
The Covid-19 pandemic has driven increased healthcare expenditure in the Middle East and North Africa (MENA). The oil price
collapse and the Covid-19 pandemic have further exacerbated the economic fallout in the region, forcing several
governments to seek external financial aids. Although the decline in oil prices may give oil-importing countries in MENA scope
to allocate additional funding to sectors most.

December 29: Fitch Solutions Inc: Geothermal Investment Hotspots: Outperformers And Markets To Watch
Key View:
We highlight Indonesia and the US as geothermal power outperformers, as the two markets will have the highest levels of
installed geothermal capacity globally over our forecast period to 2029.
Chile is our geothermal power 'market to watch', as the market has an attractive regulatory environment for renewables
investments a.

December 29: Fitch Solutions Inc: Limited Benefits From Supply Chain Shifts In SSA's Medical Device Industry
Key View
Though SSA remains heavily reliant on imports, with those mainly coming from China, supply chains are slowly moving away
from China due to the global rise in trade protectionism.
South Africa and Kenya would be the key beneficiaries of any supply chain diversification in the medical device industry in SSA,
supported by their relatively large medical device manufacturing secto.

December 23: Fitch Solutions Inc : 2020 Year In Review: Covid-19 Exposed Multiple Shortfalls In Sub-Saharan
Africa's Healthcare Systems
Key View
Healthcare funds across the region had to be redirected to tackle the spread of the virus.
Lack of healthcare workers remained a key issue in 2020.
Availability of counterfeit medicines in SSA was exacerbated by the spread of Covid-19.


Fitch Solutions Inc
December 23: Fitch Solutions Inc : Capex Spending To Support Ghana's Oil Output, But Headwinds Remain
Our near-term outlook for Ghana's oil production is brightened, as targeted investment is set to rise by 50% in 2021 for the
Jubilee and TEN fields. Tullow Oil - operator of Ghana's two largest fields, TEN and Jubilee - recently announced net capex
spending on their Ghanaian assets will increase to USD180mn in 2021, from just USD120mn in 2020. This includes plans for a multi-
well drilling c.

December 22: Fitch Solutions Inc: Botswana Is Well Positioned For E-Grocery Investments
Key view
The Covid-19 pandemic has accelerated the implementation of e-grocery services and we believe that consumers will
continue to incorporate them within their purchasing patterns over the medium term (2021-2024) due to the convenience that
they offer.
We expect rising mobile internet penetration and increasing disposable incomes to be key growth drivers of e-commerce
service gro.

December 22: Fitch Solutions Inc: Indonesia Tower Companies Primed For Growth In 2021
Key View
There remains strong growth potential for Indonesia's independent towercos through 2021.
Organic growth opportunities outside of the main island of Java are still present, but towercos will also look to acquire more
operator-captive tower infrastructure, and buy out smaller towercos to boost their footprints.
Consolidation among mobile operators, as well as competit.

December 22: Fitch Solutions Inc: Ghana Leverages Telemedicine To Expand Specialist Care In Rural Areas
Key View
The standard of healthcare continues to vary across Ghana.
Many rural regions across Ghana do not have an adequate number of specialist healthcare workers available.
Telemedicine can help to address specialist healthcare worker shortages.

December 21: Fitch Solutions Inc: SSA Autos: Recovery Will Lag Other Regions Due To Delayed Access To Covid-
Vaccine
Key View

Fitch Solutions Inc

The Sub-Saharan Africa (SSA) region's vehicle market will take at least three years to recover lost ground following the severe
impact that the Covid-19 pandemic had, and will continue to have, on the region's automotive market into 2021 given the
region is only likely to get the Covid-19 vaccine in H221.
The region's structurally higher unemployment, in part as a result of t.

December 17: Fitch Solutions Inc: Turkey's Robust Refined Fuel Demand To Give Ground In The Wake Of Rising
Covid-19 Cases
We have revised our refined fuels demand forecast for Turkey down to -9.4% from -5.0% for 2020, due to a rapid rise of Covid-19
cases in late 2020 and resulting lockdown measures limiting mobility. Fuel demand is to rebound more strongly in 2021 and we
have revised our forecast accordingly, from 5.0% to 8.0%. However, the currently high daily case numbers of Covid-19 will sty.

December 17: Fitch Solutions Inc: Covid-19-Induced Recession Will Impact Bulgaria's Medical Device Market
Performance And Healthcare Expenditure
Bulgaria's medical device market performance will be impacted in the short term by economic recession resulting from the
Covid-19 pandemic. The market will remain largely reliant on imports that are primarily sourced from other EU member states. A
Covid-19-induced recession will curb government revenues and place upward pressure on healthcare expenditure.

December 16: Fitch Solutions Inc: Varied Access To Covid-19 Vaccines Expected Across MENA
We expect further Covid-19 vaccine approvals over 2021 as candidates reach clinical endpoints. Initial vaccine supply is likely
to be skewed towards wealthier countries given the commercial approach taken by the vaccine developers which will be first
to market. We outline three-speeds of vaccine access and have provided preliminary groupings for countries in MENA th.

December 16: Fitch Solutions Inc: Algeria's E-Grocery And Food Delivery Services To Witness Rapid Growth
While the adoption of e-commerce remains relatively low in Algeria, compared to other regional markets, both the food
delivery and the grocery delivery sectors have recorded an uptick in demand in Algeria in 2020, as a result of the Covid-19
pandemic in the country and its subsequent lockdown measures to contain the spread of the virus. At Fitch Solutions, we
believe e-groc.

December 15: Fitch Solutions Inc: Kenya's Withdrawal Of Funds For Healthcare Workers Will Increase Pressure On
Healthcare System
Withdrawal of funding for medical cover will leave Kenya's healthcare system vulnerable as Covid-19 cases continue to rise. We
expect healthcare worker strikes to become more frequent in the coming months. Despite issues with healthcare funds, overall
healthcare expenditure is expected to increase over our 10-year forecast period.


Fitch Solutions Inc
December 14: Fitch Solutions Inc: Alternative Proteins: Plant-Based 'Meat' Alternatives Finding A Foothold In Japan
We are expecting strong demand for alternative protein 'meat' offerings (plant-based) from the Japanese consumer. The
consumer base is already familiar with, and utilises plant-based products within their diet (tofu and natto) and we are
increasingly witnessing alternative protein 'meat' product launches, both on-trade and off-trade from Japanese manufacturers.

December 12: Fitch Solutions Inc: Infinix To Diversify Supply Chain Through Egypt Manufacturing Centre
Infinix's move into Egypt is in line with its plans to diversify supply chains in the wake of the COVID-19 pandemic. The medium-to-
long-term outlook for Infinix's successful African expansion is positive, with the latest initiative supported by forecast robust
growth of Egypt's youthful population and equally strong demand for low-cost smartp.

December 11: Fitch Solutions Inc: Approval Of Nigeria's Health Infrastructure Bank Would Boost Local Healthcare
Development
Members of Nigeria's government continue to work towards enhancing the country's healthcare system. Healthcare budget
allowances remain well below the Abuja declaration amount and are not enough to meet the country's healthcare needs.
Alternative funding for healthcare development would benefit local healthcare systems.

December 11: Fitch Solutions Inc: Rise Of Virtual Power Plants To Support Increasing Renewables Adoption
As power supply and consumption patterns continue to shift amid a global drive toward decarbonisation, the need for
effective grid management will become increasingly important to support the transition dynamic.
Virtual power plants will gradually become one of the key driving forces for more renewables adoption and integration over
the coming decades, suppor.

December 10: Fitch Solutions Inc: Government Auctions To Drive Saudi Renewables Growth
Saudi Arabia's solar and wind power capacity will expand exponentially from a low base over the next decade, driven by
private investment through contracts awarded at auction-style tenders under REDPO's National Renewable Energy Program.
Despite this growth, the country's overcapacity will slow renewables deployment and prevent it from meeting its 27.3GW
renewables target by.

December 09: Fitch Solutions Inc: Key Latin American Countries Strive To Reshape Their Downstream Market
A number of Latin American countries are set to rely on fuel imports given the limited investment in the downstream sector over
the last years given the prioritisation of crude oil exploration, production and exports by the dominant national oil companies.
Facing a growing dependence on imported fuels over the next decade, some of the Latin American governments and
national o.

Fitch Solutions Inc

December 09: Fitch Solutions Inc: Low Base Effects Point To Growth In 2021 For Philippines Vehicle Sales
Total vehicle sales in the Philippines will experience double-digit growth in 2021, owing to favourable base effects as demand
returns albeit at a slow pace. We expect the commercial vehicle (CV) segment to outperform passenger vehicle (PV) sales in
2021 and between 2021-2024 as the Philippines government unveils an infrastructure-led budget for the 2021 fiscal year.

December 09: Fitch Solutions Inc: Key Latin American Countries Striv To Reshape Their Downstream Market
A number of Latin American countries are set to rely on fuel imports given the limited investment in the downstream sector over
the last years given the prioritisation of crude oil exploration, production and exports by the dominant national oil companies.
Facing a growing dependence on imported fuels over the next decade, some of the Latin American governments and
national o.

December 08: Fitch Solutions Inc: China To Dominate Solar Manufacturing Competitive Landscape
China will remain a dominant player in global solar equipment supply chains, due to its large economies of scale and
improving product quality and efficiency. While the Covid-19 pandemic will drive some diversification of supply chains or
increased localisation, Chinese solar manufacturers have also expanded their geographic production bases outside of China,
which will reduc.

December 07: Fitch Solutions Inc: Power And Renewables Key Themes For 2021
We expect the offshore wind power market will increase its share within the wind sector following increased investments and
expansion into new markets in 2021. While we anticipate a surge in global capacity growth as the sector begins to recover
from the Covid-19 pandemic, we expect to see a split between emerging and developed markets over 2021 as markets with.

December 07: Fitch Solutions Inc: Colombia's Road To 5G: Spectrum Auctions, Pilot Services And Avantel's Take-
Over
We are forecasting a relatively slow rate of 5G adoption in Colombia, with the number of connections set to reach 19.0mn, or
22.8% of the overall mobile market, by 2029. Consolidation of the country's four regulatory agencies into a single super-regulator
under a ministry that has long-term digital transformation ambitions will help with 5G take-up. To the downside.

December 01: Fitch Solutions Inc: Kazakhstan To Remain Dependent On Sugar Imports, Despite Rising Yields
Sugar yields in Kazakhstan are rising, which has helped production recover in recent years. However, total production remains
significantly below the top regional sugar producers. Domestic consumption has risen in the past two decades, reaching
495,000 tonnes in 2019. However, this is largely a reflection of national population growth and consumption per capita has
remained f

Fitch Solutions Inc

December 01: Fitch Solutions Inc: Cuba's Medical Device Market Forecast Downwards As Result Of The Covid-19
Pandemic
Despite the relatively low number of infections, Cuba's medical device market will still be negatively impacted by the
economic impact of the Covid-19 pandemic. Consumables, the largest segment of Cuba's medical device market, will be
relatively unaffected by the Covid-19 pandemic, while patient aids and other medical devices are among the worst impacted
segments. C

November 2020:
November 30: Fitch Solutions Inc: Rare Growth For Canadas Passenger Car Segment Does Not Mark Turnaround
We forecast light vehicle sales in Canada to return to growth of 6.9% in 2021, although volumes will remain below pre-
pandemic levels. The passenger car segment will experience its first positive growth in nine years in 2022, as the distribution of a
Covid-19 vaccine supports the tourism sector and, by extension, rental car demand. The SUV and crossover segment wil

November 30: Fitch Solutions Inc: Rare Growth For Canada's Passenger Car Segment Does Not Mark Turnaround
We forecast light vehicle sales in Canada to return to growth of 6.9% in 2021, although volumes will remain below pre-
pandemic levels. The passenger car segment will experience its first positive growth in nine years in 2022, as the distribution of a
Covid-19 vaccine supports the tourism sector and, by extension, rental car demand. The SUV and crossover segment wil.

November 30: Fitch Solutions Inc: Europe Avian Influenza Cases To Rise, EU Export Disruption Softened By Internal
Market
We expect cases of highly pathogenic avian influenza (HPAI) in Europe to rise in Q420 and Q121, presenting a downside risk to
our 2021 poultry production forecasts. We maintain our EU production forecasts for now, expecting production growth in 2021
across most of the EU markets we cover. The large size of the EU internal poultry market combined with effective mitigation proc

November 27: Fitch Solutions Inc: Fashion Re-Commerce Set For Demand Acceleration And Supply Evolution In
2021
Key View: At Fitch Solutions, we believe that fashion re-commerce in 2021 will become more embedded within consumers
purchasing patterns, will become a focal strategy for fast fashion and luxury players and will lead to the evolution of re-
commerce players.


Fitch Solutions Inc
November 27: Fitch Solutions Inc: Pharmaceuticals & Healthcare Outlook For 2021: Latin America
Latin America will remain a key region for emerging market growth for multinational drugmakers. Political unrest and protests
will continue to change the provision of medical services. Countries in the region may start diversifying their pharmaceutical
supply chains. Governments are likely to impose more long-term healthcare-specific policies.

November 26: Proposition 22: A New Model For Ride-Hailing Companies To Manage Regulatory Risks?
The successful passage of Proposition 22 into Californian law will embolden ride-hailing and delivery firms, informing a more
collaborative strategy for managing regulatory risks. The move negates near-term labour and legal risks for ride-hailing firms
operating in state, and more importantly offers a blueprint for firms to replicate in other state and federal legislatures.

November 26: Fitch Solutions Inc: New Gas Discovery To Boost South Africa's Upstream Potential
Total's recent discovery of gas condensates de-risks South Africa's deep-water offshore exploration. Our long-term outlook for
South African oil and gas exploration and production is brightened, as more interest and investments target the area. Despite
exploratory progress, South Africa's upstream potential will be hindered by its poor regulation and harsh operation.

November 24: Fitch Solutions Inc: 2021, The Year Food Delivery Apps Establish Across Emerging Markets
Key View: While food delivery services are already mainstream in developed markets, companies have found it difficult to
expand in developing countries. However, with Covid-19-related restrictions acting as a catalyst, we believe that the food
delivery markets will become more established across emerging markets over 2021.
First mover advantage, lack of saturation, rapid urbanisation, expa.

November 24: Fitch Solutions Inc: Thailand Aims To Reduce Cancer Treatment Costs
Pharmaceutical sales in chronic disease areas will be the driver of Thailand's medicine market. Thailand aims to build its first
cancer drug manufacturing facility. Thailand will continue to accelerate investments in the medical industry, which will have
positive implications for pharmaceutical sector.

November 24: Fitch Solutions Inc: Retailers To Embrace Gaming/ Streaming To Reach Consumers In 2021
Key View: In game personalisation and the cross over into real-world products will be an avenue to consumers that more
retailers and consumer goods manufacturers will explore in 2021. Fashion (with a focus on luxury and sportswear players),
personal care (jewellery, watches and cosmetics) and household goods (luxury furniture, consumer electronics and toys)
retailers are the most likely players to engag.


Fitch Solutions Inc
November 23: Fitch Solutions Inc: Malaysia's Autos Value Chain To Gain From Strong Policy And Established Local
Tech Industry
Malaysia's automotive value chain is set to gain from strong government policy support focusing on higher-value automotive
components, and a well-established local electrical and electronics Industry. Malaysia outperforms its Asian region and global
peers in our Autos Production Risk/Reward Index (RRI) in a number of indicators that suggest the country is well positioned to t.

November 23: Fitch Solutions Inc: FDA Approval Of First Domestic Covid-19 Test Will Promote Diagnostic Innovation
The first FDA approval of an at-home diagnostic for Covid-19 is a significant move forward for containing the pandemic. The
move to home-based and decentralised testing has long been a goal for diagnostics markets, which can improve the patient
experience and clinical outcomes. This development will add weight to the movement towards telemedicine and promote the
use.

November 23: Fitch Solutions Inc: North Macedonia's Healthcare Expenditure Set To Increase As Government
Approves 2021 Budget
New reforms will increase North Macedonia's healthcare expenditure over the coming years. Economic recovery will rely on
private consumption, benefiting the pharmaceutical market. Rising political tensions risk hindering policymaking and the
response to the Covid-19 crisis.
New reforms will increase North Macedonia's healthcare expenditure over.

November 19: Fitch Solutions Inc: South Korea To Diversify Dairy Imports And Benefit RCEP Countries And EU
Key View
We expect South Korea to diversify its dairy imports in the medium-to-long term, reducing its dependence on the US.
The signing of the RCEP FTA in November 2020 will alter South Korea's trade dynamics and contribute to this trend. We believe
that both Australia and New Zealand will increase their market share of South Korean cheese imports, especially if tariffs are
reduced o.

November 19: Fitch Solutions Inc: Tanzania's Growing Construction And Freight Sectors Positive For Commercial
Vehicle Sales
Key View
Ongoing government infrastructure projects in Tanzania will provide a solid rebound in demand for commercial vehicles in
2021.
Long-term opportunities for commercial vehicle demand are present as increased road freight between Tanzania's East African
neighbors with the construction of the Kigongo-Busisi bridge, will enablie more freight volumes to be moved via roads which in.

Fitch Solutions Inc

November 18: Fitch Solutions Inc: Alternative Protein: China's Plant-Based Meat Outlook Accelerated By Covid-19
Demand for alternative protein continues to gain traction in China, with the Covid-19 pandemic accelerating a number of key
drivers that will lead towards further consumer adoption of plant-based meat over the coming years. These include health
worries, ethical concerns and food security issues. China continues to be an attractive market for plant-based meat, with a
number of.

November 17: Fitch Solutions Inc: Bulgaria MGR Outlook: Opportunity For Wholesale And Discount Expansion
The economic impact of Covid-19 is weighing on the Bulgarian consumer, with growth in household disposable incomes
projected to slow over 2020-2024 compared to the pre-Covid-19 period (2015-2019). As a result, we believe consumers will
become increasingly price sensitive stretching into the medium term (out to 2024). In this price-sensitive environment, demand
for consumer go.

November 17: Fitch Solutions Inc: Brazil Fintech Market To Heat Up Following Regulatory Reform
We hold a positive outlook for the growth of the fintech market in Brazil following a slew of efforts by the financial regulators to
boost competition. These include the launch of a unified, instant payments system and a fintech sandbox, as well as the
introduction of new regulatory frameworks. Brazil boasts positive demographic factors, including a large young population and.

November 16: Second Lockdown In Germany: Implications For Consumer & Retail
Key View
As a result of the introduction of a four-week partial lockdown in Germany, which started on November 2, we revised down our
2020 forecast for consumer spending in the country.
At Fitch Solutions, we now project real household spending in the country to contract by -8.4% y-o-y, down from our previous
forecast of -7.0% y-o-y. We note, however, that the November lockdown is les.

November 16: Fitch Solutions Inc: Low EU Pork Prices Into 2021 As Trade Disrupted, Production Flat
Key View
We expect African Swine Fever (ASF) in Europe to disrupt EU pork trade flows into 2021. A ban by Asian markets on German pork
exports will result in some EU producers increasing their export focus on Asia, whilst damaging Germany's exports.
Despite the change in trade dynamics, we do not expect ASF to reduce EU pork production in 2021, and therefore maintain
our EU production.


Fitch Solutions Inc
November 13: Fitch Solutions Inc: Oman's Healthcare Expansion Continues To Pose Downside Risk To International
Drugmakers
Oman's healthcare expansion to be met with increased private sector contribution. Generic drugs will account for a growing
share of Oman's pharmaceutical expenditure bill. Oman's economy faces increasing macroeconomic challenges despite
financial assistance from Qatar.

November 13: Fitch Solutions Inc: South Africa MGR Outlook: Discounter &Wholesale Expansion Opportunities
We do not forecast South Africa's economy to fully recover from the Covid-19 pandemic over our medium-
term forecast period (2020-2024). We note that household disposable incomes will feel the pressure as a consequence of a
slowly recovering economy, with no real wage gains forecast over 2020-2024, making consumers more price sensitive.

November 12: Fitch Solutions Inc: The Gambia Will Need A Boost In Funding To Strengthen Healthcare System
Key View
The Gambia's healthcare system remains weak due to lack of available funding.
Healthcare spending as a percentage of GDP expected to decline in the long term to below 3%.
The Gambia continues to face severe economic headwinds as measures to contain the spread of Covid-19 infections disrupts
key business activities.

November 11: Fitch Solutions Inc: Reform Likely To Increase Healthcare Financing In Malaysia
Key View
Malaysia will increase health insurance premium to reduce financial deficit.
Most other national health insurance schemes have also raised health insurance premiums amid Covid-19 pandemic.
Government support for the provision of medical services reinforces the positive outlook for healthcare providers.

November 10: Fitch Solutions Inc: Fitch Solutions Inc: New Healthcare Reforms Aim To Strengthen Georgia's Public
Health System
Georgia's healthcare sector will continue to be characterised by high out-of-pocket payments.
New healthcare reforms aim to reduce health inequalities and improve value-based care in Georgia.
A second Covid-19 outbreak and recent political unrest threatens to delay economic recovery in 2021.


Fitch Solutions Inc
November 09: Fitch Solutions Inc: Medical Device Market Projection Raised In Peru As Universal Healthcare Will
Bolster Activity
Peru's medical device market will grow quicker than previously expected from 2022 to 2024. The implementation of universal
healthcare and health digitalisation will aid growth following the economic shocks of the Covid-19 pandemic. Consumables,
and orthopaedics and prosthetics to grow most significantly faster than expected as all segments are revised upwards.

November 09: Fitch Solutions Inc: India MGR Outlook: Opportunity For Wholesale And Discount Expansion
The impact of Covid-19 will mean that India's economic growth will slow down significantly over the forecast period (2020-2024).
We note that household disposable incomes will feel the pressure as a consequence of a decelerating economy, with real
wages forecast to be under pressure over 2020-2024, making consumers more price sensitive. In this environment, demand for
consume

November 06: Fitch Solutions Inc: Thailand's South East Asia Electric Vehicle Ambitions Boosted By Additional
Incentives
The decision by Thailand's Board Of Investment to re-introduce incentives to attract automakers into the country for electric
vehicle production will cement the country's position as South East Asia's electric vehicle production hub. As the largest and
most developed EV market in the South East Asia region, incentives will drive renewed interest from automakers and
component

November 06: Fitch Solutions Inc: Limited Medicine Reimbursement Reduces Attractiveness Of Albania's
Pharmaceutical Market
Pricing rules and restricted reimbursement for patented medicines have reduced the attractiveness of Albania's
pharmaceutical market. Medicine shortages and informal payments are common, both serving to reduce the benefit of the
medicines reimbursed by compulsory health insurance. Albania is taking steps to improve public healthcare, including
implementing recommend.

November 06: Fitch Solutions Inc: Access To Innovative Drugs In Malta To Remain Limited Despite Healthcare
System Reform
Malta's healthcare system faces moderate reforms as government healthcare expenditure is set to increase.
Despite this increase in funding, access to publicly-funded innovative drugs will remain limited.
Malta's pharmaceutical trade surplus to widen as the macroeconomic environment is set to improve.


Fitch Solutions Inc
November 05: Fitch Solutions Inc: Uncertain Route To Covid-19 Vaccines For Countries In Sub-Saharan Africa
Our current expectations see the approval of a safe and effective Covid-19 vaccine over H121, with the first deliveries in
countries with vaccine access agreements. Due to limited deals across Sub-Saharan Africa, many will be reliant on the supply
of vaccines from China and Russia which could be distributed through the World Health Organization, Coalition for Epidemic
Prepare

November 05: Fitch Solutions Inc: Brazil Sugar Production To Decline In 2021/22 As Ethanol Demand Recovers And
La Nina Looms
We have revised down our Brazil 2021/22 sugar production forecast to decline by 6.0% y-o-y, after the bumper output to be
recorded in the ongoing 2020/21. We expect less cane to be diverted to sugar production in 2021/22 compared with the
previous season. This comes as we forecast crude oil prices to partially recover from a sharp drop in 2020, combined with rising
domestic f

November 04: Fitch Solutions Inc: Healthcare Investment To Facilitate Sector's Growth In Myanmar
Myanmar's healthcare market has significant growth potential. Financial backing from the ADB will benefit the healthcare
sector. Despite the government's investment in the healthcare sector, the country will remain a relatively unattractive market
for foreign investors

November 04: Fitch Solutions Inc: Brazil 2020/21 Soybean Production To Decline Slightly, La Nina Poses Further
Downside Risks
We maintain our forecast for Brazil's soybean production to decline by 0.8% y-o-y in 2020/21, compared with the growth in
output currently expected by the USDA. La NiNa conditions, which have re-emerged in August 2020 and will most likely
continue into Q121, have already led to unseasonal dry weather, significantly delaying plantings in key southern states. Planting

October 2020:
October 30: Fitch Solutions Inc: ASEAN Power Grid To Continue Taking Shape
Key View
We remain broadly optimistic on the development of the ASEAN Power Grid Initiative (APG), although we believe that any
concrete electricity trading will happen outside of our forecast period.
We believe that strong government commitment will drive progress in the initiative, with Thailand and Laos set to be key
players.


Fitch Solutions Inc
October 30: Fitch Solutions IncASEAN Power Grid To Continue Taking Shape
October 30: Fitch Solutions Inc: Tanzania Expands Its National Health Insurance Coverage
Key View
Tanzania's National Health Insurance Fund (NHIF) will aim to encompass all citizens regardless of financial status.
The NHIF will continue to enter into various collaborations to ensure health insurance for farmers.
Increasing NHIF members will benefit Tanzania's pharmaceutical market growth.

October 30: Fitch Solutions Inc: Covid-19 Not To Derail Morocco's Transport Sector Outlook In The Long-Term
Key View
Road construction will be delayed throughout 2020 and 2021 due to a forecasted decline in the Moroccan government's fiscal
budget as a result of Covid-19 lockdowns, but is expected to pick up in line with GDP growth by 2022.
Due to the completion of the Tangier-Casablanca High Speed Railway, rail has been replaced by road as the largest sub-
sector in the transport project pip.

October 27: Fitch Solutions Inc : Challenges Will Surround Belize's National Health Insurance Program
Key View
Belize National Health Insurance scheme bodes well for significant expansion of access to healthcare services.
The determination of the government to press ahead with the health insurance scheme will support health market growth.
Upcoming phases of implementation will pose significant challenges to the government and will test the feasibility of the
project.

October 27: Fitch Solutions Inc: Bosnia-Herzegovina's Pharmaceutical Market Forecast Revised Downwards
Key View
Bosnia-Herzegovina's pharmaceutical market will remain unattractive to multinational drugmakers.
As domestic pharmaceutical production falls, reliance on pharmaceutical imports will continue to grow.
Growing macroeconomic challenges will threaten Bosnia-Herzegovina's fragile political stability.


Fitch Solutions Inc
October 26: Fitch Solutions Inc: Likely Uptick In Imports To Drag Slightly Taiwan's 2021 Current Account Surplus
We at Fitch Solutions now expect Taiwan's current account surplus to 11.7% of GDP in 2020, from our forecast of 9.3% previously,
given strong electronics exports bolstered by demand for 5G technologies and home-office devices. For 2021, we forecast
Taiwan's current account surplus to shrink slightly to 11.2% of GDP, driven by a likely pickup in imports as domestic demand
rebo.

October 26: Fitch Solutions Inc: Ghana Gold Mining: Solid Growth On The Back Of Robust Project Pipeline
Key View
Gold production in Ghana will experience significant growth in the coming year, driven by the Phase 2 completion of
AngloGold Ashanti's Obuasi Project.
A solid project pipeline and exploratory activities to replace maturing mining assets will ensure steady production growth in the
country's gold sector.
Elevated gold prices will boost the attractiveness of Ghana's m.

October 22: Fitch Solutions Inc: Bangladesh Growth To Recover Slightly In FY2020/21
We at Fitch Solutions maintain our forecast for Bangladesh to report real GDP growth of 6.0% in FY2020/21 (July 2020 - June
2021), which would mark a strengthening from 5.2% in FY2019/20. This is likely to be driven by a recovery in readymade garment
exports and ongoing large-scale infrastructure projects in the country. While remittances appear to be on the rise, w.

October 22: Fitch Solutions Inc: Chile MGR Outlook: Opportunity For Wholesale And Discount Expansion
The Covid-19 pandemic will continue to impact the Chilean economy, with a slow recovery expected for household spending,
weighed down by a high unemployment rate over the forecast period (2020-2024). We note that household spending was
already coming under pressure in 2019, due to the global economic slowdown and a wave of anti-government protests, which
still remain a risk t.

October 21: Fitch Solutions Inc: Regional Demand Growth Offers Room For Growth In Turkish Downstream
This report from Fitch Solutions Country Risk & Industry Research is a product of Fitch Solutions Group Ltd, UK Company
registration number 08789939 ('FSG'). FSG is an affiliate of Fitch Ratings Inc.

October 20: Fitch Solutions Inc: Healthcare Reform In Ukraine Will Create Opportunities For Drugmakers
Key View
Ongoing reform of Ukraine's healthcare system will increase the flow of badly needed funds to the country's public healthcare
system and improve health outcomes.

Fitch Solutions Inc

A rapidly growing medicine reimbursement program will eventually present opportunities for innovative drugmakers, but over
the short-term opportunities will be limited to generic medicines.

October 20: Fitch Solutions Inc: Tabangao Closure To Deepen Philippines' Dependence On Imports
Key View
The Philippines' refining sector has been left reeling in the wake of Shell's decision to permanently close its crude oil refining
facility after decades of being in operation.
The closure of Shell's Tabangao plant leaves the Philippines with a single operating refinery.
The economic repercussions could prove to be substantial.

October 16: Fitch Solutions Inc: Growing Cancer Burden Will Mandate Further Government Action In El Salvador
The burden of non-communicable diseases (NCDs) in El Salvador will see an increase. Companies that support El Salvador in
addressing its cancer crisis will be rewarded with a position in a growing market. Operational and affordability risks pose
downside risks to market entry.

October 16: Fitch Solutions Inc: Inflammatory Bowel Disease Market Key Target For Autoimmune Drugs
A number of key players in the Autoimmune market presented trial data at the United European Gastroenterology Week which
began on October 10th. IBD is a key target market for autoimmune drugs, previously authorised drugs are under investigation
to treat the condition, which at present has limited treatment options and severely affects patient quality of life.

October 15: Fitch Solutions Inc: Puerto Rico's Healthcare Market To Undergo Reforms
The Puerto Rico's healthcare system is facing significant challenges. The healthcare sector in Puerto Rico will face inevitable
reforms, due to a reliance on aid and other forms of publicly-funded support. Puerto Rico's economy is being massively
disrupted by Covid-19.

October 14: Fitch Solutions Inc: Downside Risks For Indonesia Power Amid Covid-19 And Increasing Financial
Pressures
We highlight increasing downside risks to our growth forecast for Indonesia's power sector, attributable to the ongoing impacts
of the Covid-19 pandemic, and the financial stress it has put on the state-owned utility. Growth will remain heavily dependent
on an ongoing government commitment to support and develop the sector. Increasing economic challenges, emissions.


Fitch Solutions Inc
October 13: Fitch Solutions Inc: Croatia's Health Expenditure Continue To Be Skewed Towards Pharmaceutical
Expenditure Despite Cost-Containment Measures
Croatia's pharmaceutical expenditure will account for a growing share of total healthcare spending. Policies aimed at
reducing pharmaceutical expenditure have had mixed results. High levels of public hospital debt will continue to exert
significant constraints on government spending.
Croatia's pharmaceutical expenditure will account for a growin.

October 12: Fitch Solutions Inc: Sub-Saharan Africa 5G: Deployment Costs, Price Sensitivity To Weigh On Investment
Following more commercial 5G launches in 2020, the Sub-Saharan African market is now expected to host 85mn mobile 5G
subscriptions at end-2029. Increasing access to suitable spectrum bodes well, but weaker consumer purchasing power and the
region's continued reliance on 3G and 4G technologies mean widespread 5G deployment will not be a commercially viable
investment during th.

October 12: Fitch Solutions Inc: Colombia's Pharmaceutical & Healthcare Markets Continue To Face
Macroeconomic Challenges
Drugmakers continue to face a challenging pharmaceutical environment in Colombia. Despite pharmaceutical price policy
issues, we note that that underlying demand for medicines in the region remains strong. The lifting of restrictions in September
and ongoing political grievances will prompt an uptick in protests in the short-to-medium term.

October 09: Fitch Solutions Inc: Middle East's Aluminium Sector To Witness Steady Growth In Medium Term
The Middle East will experience modest production growth in its aluminium sub-sector in the coming years, bolstered by
expansion in regional production capacity amid a recovery in aluminium consumption. The UAE will maintain its role as the
region's leading producer, although Bahrain will also experience an increase in output. Production in Qatar and Saudi Arabia
wi.

October 07: Fitch Solutions Inc: Medtronic's DOJ Antitrust Review Could Slow Future M& A Activity
Key View
The Department of Justice is opening a ventilator antitrust investigation surrounding Medtronic's acquisitions relating to
ventilators that may have contributed to a shortage early in the Covid-19 pandemic.
Medtronic has announced it will cooperate fully with proceedings but it maintains that the ventilator market remains more than
sufficiently competitive.

October 07: Fitch Solutions Inc: Covid-19 Effects Continue To Drag On Asia's Fuel Market
Key View:

Fitch Solutions Inc

The fuel demand recovery in Asia is proving to be a slow and gradual process.
The effects of Covid-19 pandemic on the wider Asian downstream sector continue to be highly negative and widespread.
Of the 10 Asian markets considered, China remains the only exception where domestic fuel demand has returned to growth.

October 07: Fitch Solutions Inc: Pharmaceutical Exports From Indonesia To Grow
Key View
South East Asia will become a key focal point for Indonesian medicine exports.
This comes as pharmaceutical companies look beyond the Indonesian market as medicine spending in the region rises in line
with the improvements to healthcare access.
In addition, the gradual integration and harmonisation of pharmaceutical regulations through the ASEAN Economic
Community

October 06: Fitch Solutions Inc: Near-Term Headwinds To Weigh On India Power And Renewables Growth
We have made further downward revisions to our growth forecasts for India's power and renewables sector due to ongoing
impacts from the Covid-19 pandemic, China-India tensions and policy uncertainty in the solar sector. Recent events have also
exacerbated key issues in the power sector, including high debt levels and dependence on power equipment imports amid
supply chain dis.

October 05: Fitch Solutions Inc: New Microsoft Cloud Region To Support Greece's Digital Transformation
Microsoft is planning to establish a new cloud region in Greece. The aim is to support the digital transformation of the country,
with telcos' investment in broadband network also expected to contribute.
Microsoft has announced it will establish a new cloud region in Greece. This is part of Microsfot's 'GR for GRowth' initiative, which
aims at f.

October 05: Fitch Solutions Inc: Malawi's Healthcare System Will Continue To Be Constrained By Low Government
Funding
Malawi's low healthcare budget allocation will negatively impact the completion of healthcare facilities. Malawi's economic
outlook expected to worsen. Malawi to remain reliant on healthcare donations and external funding.
Malawi's low healthcare budget allocation will negatively impact the completion of healthcare facilities. Malawi's.


Fitch Solutions Inc
October 02: Fitch Solutions Inc: European And SSA Market Opportunities For Greek Food & Drink Exporters
Key View: At Fitch Solutions, we highlight that significant opportunities exist for Greek food and drink (F&D) exporters, as they
expand their role in the global F&D supply chain and increasingly compete with the well-established F&D Mediterranean export
nations (e.g. Italy and Spain). To identify F&D export opportunities, we have created an indicator score table that highlights
how attr.

October 02: Fitch Solutions Inc: Overcoming Global Covid Diagnostic Inequality: A Key Challenge
The bulk of testing for Covid-19 has been PCR-based genetic antigen testing, forcing lower-income markets to look for
alternative testing options due to the centralised nature and high capital expenditure requirements of PCR testing. Poorer
economies' economic recoveries will be stalled, as a strong correlation between GDP and testing capacity hinders their efforts
to contain.

October 01: Fitch Solutions Inc: Generic Drugs To Drive Growth In Thailand's Pharmaceutical Market
Key View
Thailand's generic drugs market will continue to be a key growth driver in the country's pharmaceutical market.
Economic challenges and low healthcare access will drive demand for generics over more innovative, patented drugs.
The country's regulatory environment will limit Thailand's attractiveness to innovative drugmakers.

October 01: Fitch Solutions Inc: Pepsico Expands Snack Business In Russia
Key View
US food and beverage multinational, Pepsico continues to expand its footprint in Russia, with the announcement in September
2020 of its third snack factory in the country, to be located in Novosibirsk, in the region of Siberia.
A factory in Novosibirsk offers the country the ability to shorten is supply chain within the country's third most populous region

October 01: Fitch Solutions Inc: Colombia Remains Attractive Expansion Prospect For Retailers, Despite Covid-19
Key view:
International retailers have retained their expansion momentum into Colombia, despite the Covid-19 pandemic, with
Decathlon, Inditex and H&M all opening of new bricks-and-mortar stores in the country in 2020.
Whilst the impact of the Covid-19 on Colombia will have a negative short-term impact on the country's economy and.


Fitch Solutions Inc
September 2020:
September 23: Fitch Solutions Inc: Upward Forecast Revisions For Healthcare Spending In Thailand
Key View
We at Fitch Solutions believe that the Covid-19 pandemic will place significant upside pressure on healthcare spending in
Thailand.
Relatively high levels of public expenditure on medical services will be maintained in Thailand despite restrictions on
government spending due to macroeconomic dynamics.

September 23: Fitch Solutions Inc: Covid-19 Serology Testing Will Be Key To Monitor Ongoing Immunity
Key View
There have been global efforts to develop effective diagnostics, which are vital in monitoring the spread of Covid-19 and
determine countries success in managing the ongoing outbreak.
Roche has recently announced the release of its serology test, Elecsys Anti-SARS-CoV-2 S.

September 18: Fitch Solutions Inc: Shifting Policy Approach Drives New Uncertainty In Mexican Port Sector
Recent developments point to significant policy shifts from Mexico's government toward the development and operation of
the country's port infrastructure. In our view, a shift toward greater military involvement in port management and threats to alter
the concession agreement for the port of Veracruz will drive elevated uncertainty in Mexico's port sector, undermining investo.

September 17: Fitch Solutions Inc: Heineken Expands Latin America Exposure With Peru Entry
Key View: Dutch brewing company, Heineken has entered the Peru market via a two-prong strategy of acquisition and of
signing a local partnership distribution. The Fitch Solutions Alcohol Risk Reward Index (a tool to measure a markets investment
potential) ranks Peru seventh out of 18 in the Latin America region, with Peru scoring highest within the Industry Rewards pillar,
with the country offe.

September 16: Fitch Solutions Inc: Singapore Pay-TV Subscriber Losses To Rise, Few Prospects For Reversal
We expect pay-TV subscriptions in Singapore to gradually decline through our 10-year forecast period as over-the-top (OTT)
streaming services proliferate. Efforts by operators to reposition their offerings to become 'mobile-first' will largely be unsuccessful
in reversing the declining market trend. Access to sports, namely the English Premier League (EPL) remain th


Fitch Solutions Inc
September 15: Fitch Solutions Inc: Indonesian EV Adoption Will Be Gradual As Lack Of Incentives Caps Growth
Electric Vehicle (EV) adoption in Indonesia will experience a less rapid growth trajectory when compared to other more high-
growth markets particularly in Europe, China and South Korea, due to a lack of incentives, low incomes and limited charging
infrastructure. We expect taxi operators, ride-hailing firms and public transport companies to drive the initial adoption of EVs i.
September 15: Fitch Solutions Inc: Czech Republic 5G Auction At Risk Of Further Delay
Czech MNOs have reportedly all filed legal complaints against the conditions set out by the regulator for the upcoming 5G
auction. The current auction's conditions could lead to a sub-optimal allocation of spectrum and higher prices. The risk of
another delay looms over the auction.
T-Mobile and Vodafone have reportedly.

September 15: Fitch Solutions Inc: Global Wind & Solar Project Delivery To Outperform While Coal & Indian
Projects Languish
Analysis of global project development success in our Key Projects Database highlights that India suffers from having the
highest number of power projects which are cancelled or suspended, which translates into our weaker capacity growth
forecasts for the market. We see a potential for redirection of public funds as large-scale government sponsored projects are
halted at a ti. Source: Company Website
September 11: Fitch Solutions Inc: Green Hydrogen To Support Australian Renewables Growth Momentum
We see substantial growth opportunities for the green hydrogen sector in Australia over the coming years, given the increasing
viability of the technology and mutual complement with renewable energy. Green hydrogen will support Australia's ongoing
renewables growth momentum, particularly as the sector has grown increasingly saturated over the past year. Strong gover.

September 09: Fitch Solutions Inc: Planned Thai Scrappage Scheme A Positive Step In Vehicle Sales Recovery In
2021
The Thai Ministry Of Commerce's plan to introduce a vehicle scrappage scheme provides a solid foundation for vehicle sales to
recover in 2021. Individuals and businesses that intended to replace older vehicles with new ones will likely hold off such
decisions until the scrappage scheme is introduced. The potential escalation of political risks could dampen demand fo.

September 09: Fitch Solutions Inc: Rwanda Pharmaceutical Exports To Increase As Domestic Industry Expands
Rwanda's increased local pharmaceutical production will increase medical exports. Pharmaceutical imports will still largely
outweigh exports. Rwanda will become more appealing to internal drugmakers.
Rwanda's increased local pharmaceutical production will increase medical exports. Apex Biotech, the first company to be
licensed to manufa.


Fitch Solutions Inc
September 09: Fitch Solutions Inc: Brazil To Prioritise Natural Gas Infrastructure Projects In Light Of Announced
Emission Targets
Brazil is expected to expand natural gas infrastructure to comply with new climate commitments and maintain a positive
growth rate in oil production from pre-salt area. The drop in crude oil and natural gas prices darken our outlook for the offshore
pipeline infrastructure expansion projects over the short term. However, we remain positive about the pipeline expansion
project.

September 09: Fitch Solutions Inc: German Power Sector Shifting Rapidly Away From Coal
The phase-out of coal power will rapidly increase in pace as operators look to use fiscal support offered by the government to
facilitate the shuttering or conversion of Germany's coal plants, after ongoing issues with market flexibility and poor coal
economics have been exposed in Germany during the Covid-19 period of subdued demand. Over the coming decade we
expect to see a.

September 08: Fitch Solutions Inc: Low Risk And Wealthy Consumer Lift Kuwait In Autos Sales Risk/Reward Index Z
Key View: Kuwait outperforms in our Autos Sales Risk/Reward Index for the region and mirrors other wealthy Middle East and
North Africa countries in terms of low tax rates and small, wealthy populations. However, its restrictive regulatory environment
and unfavourable competitive landscape prevent it from climbing the regional ranks.

September 08: Fitch Solutions Inc: Malaysia's New Digital Infrastructure Plan Positive For Operators, A Hiccup For 5G
The telecoms regulator will prioritise the expansion of existing 4G and fibre networks over 5G rol-louts, which are now delayed
until 2022. We view the scenario as positive for operators, given that there is still scope to further monetise existing 4G networks,
and migrate 2G and 3G subscribers to 4G. The downside is tat Malaysia will be a late adopter of 5G service.

September 07: Fitch Solutions Inc: Brazil's Pharmaceutical Market Revised Down
Key View: Macroeconomic weakness will restrict the uptake of pharmaceuticals in Brazil. Access to the latest healthcare
innovations to remain limited. Brazil's economic growth dampened by Covid-19.

September 04: Fitch Solutions Inc : Rising Geopolitical Risks And Protectionism Will Increasingly Impact Agribusiness
Trade And Investment
Key View
In the coming years, the agribusiness sector will face an environment of rising protectionism, geopolitical risks, de-globalisation
and the bifurcation between the US and China, which our Political Risk team believes will be accelerated by the aftermath of
Covid-19. These will lead to a tightening and increased volatility of trade and investment regulations.


Fitch Solutions Inc
September 04: Fitch Solutions Inc: Thailand Pharmaceutical Exports Expected To Demonstrate Growth As Domestic
Industry Expands
Key View
Exports will see continued and robust growth in Thailand.
Thailand will continue to represent an attractive investment location for pharmaceutical manufacturing.
Thailand boasts a strong pharmaceuticals and biotechnology industry.
Thailand is a key exporter of medicines within South East Asia. A large share of exports goes to neighborin.

September 04: Fitch Solutions Inc: South African Power Sector Growth Impaired By Policy Uncertainty
Key View
A lack of progress on the State of the Nation Address 2020 goals and the seemingly contradicting actions by the government
will erode investor sentiment for the South African power sector.
With delays in the approval of regulations allowing municipalities to purchase power from independent power producers (IPPs)
and firms to self-generate, power security will remain an issue.

September 03: Fitch Solutions Inc: Digital Health Push Will Strengthen India's Healthcare System
The use of telecare in India's healthcare system will grow and become integral to the provision of medical services. The roll-out
of telemedicine initiatives in India will offer avenues for commercial exploitation by pharmaceutical companies. Risks remain
pertinent.

September 03: Fitch Solutions Inc: Argentina - Dark Stores And Online Marketplaces To Disrupt Mass Grocery Retail
The Covid-19 pandemic will accelerate the development of e-grocery in Argentina. This has the potential to disrupt the mass
grocery retail sector, especially with the development of dark stores and marketplaces. We note that several leading mass
grocery retailers are already opening or looking to open dark stores in the near future. Food delivery services are also c.

September 03: Fitch Solutions Inc: Asia LPG Demand Resilient Amid Pandemic
LPG demand continues to be the silver lining within Asia's depressed fuel market as demand for refined fuels struggle to return
to pre-Covid levels in the midst of an ongoing global pandemic. LPG has been increasingly embraced across Asia for its
versatility and clean burning nature and the trend looks set to be maintained over the coming years. The demand growth ou.


Fitch Solutions Inc
September 02: Fitch Solutions Inc: Sri Lanka's Domestic Pharmaceutical Industry To Benefit From Increased
Government Investment
Investment in domestic pharmaceutical manufacturing will rise in Sri Lanka. Multinational firms have little incentive to invest and
develop a large manufacturing presence. Sri Lanka's competitive environment remains skewed towards the State
Pharmaceutical Corporation of Sri Lanka.

September 01: Fitch Solutions Inc: China's Drug-Buying Programme Will Crowd Out Foreign Multinational
Drugmakers
Key View
Improvement of the healthcare system in China will continue to provide opportunities for drugmakers.
Cost-control measures to rationalise healthcare spending will weigh on revenue-earning opportunities for drugmakers.
Over the long term, the country still holds robust growth potential for pharmaceutical companies.

September 01: Fitch Solutions Inc: Covid-19: Indonesia Retails Sales Point To Slow Recovery
Key View
Retail sales in Indonesia continues to contract on a year-on-year basis in July 2020, but the contractions have been improving
since the lows recording in May 2020, the worst of the Covid-19-related social restrictions.
The sale of food, beverages and tobacco is the only consumer category to post a significant improvement from the May 2020
lows. This is a result of households.

August 2020:
August 27: Fitch Solutions Inc: Continued Momentum In Dominican Republic Renewables Sector
Key View
The Dominican Republic's non-hydro renewables sector continues to present signals for strong growth over the coming decade,
primarily in the solar and wind power sectors.
Our view is informed by the country's growing wind and solar project pipelines, as well as a favourable net metering scheme
and continued government efforts to increase the share of renewables in the country.

August 27: Fitch Solutions Inc: Sub-Saharan Africa Telecoms: Submarine Cable Developments
Key View

Fitch Solutions Inc

We anticipate higher Sub-Saharan African international bandwidth demand throughout our forecast period to 2029, driven by
changing data consumption trends at consumer level and a digitising enterprise base.
Increased capacity, speeds and lower connectivity costs will be boosted by investments from pure-play infrastructure providers,
partnerships with telecommunications servic.

August 24: Fitch Solutions Inc: Traction Of Green Hydrogen In Asia Led By Two Key Markets
We believe that the Asia Pacific region offers increasing growth opportunities for the green hydrogen sector over the coming
years, due to the increasing viability of the technology and proliferation of cheap low-carbon electricity, such as renewables.
Our view is also underpinned by increasing government support and rising investor interests in several key markets, driven pr

August 24: Fitch Solutions Inc: Janssen Gains Approval For Phase III Covid-19 Vaccine Trials In Brazil
On August 18 2020, the Brazilian health regulatory approved human clinical trials for a Covid-19 vaccine candidate,
Ad26.COV2.S, developed by Johnson & Johnson's (J&J)'s pharmaceutical subsidiary, Janssen. The randomised, controlled,
double-blind, Phase III trial will involve 6,000 volunteers from Brazil and a total of 60,000 participants worldwide. The

August 21: Fitch Solutions Inc: Spanish Smoking Ban Poses Downside Risks To Tobacco And Restaurant Spending
As Spain battles with a significant increase in the number of Covid-19 cases, numerous autonomous communities across the
country have implemented a ban on smoking in public areas in August 2020. This measure includes a ban on smoking in the
street and in/around bars, cafes and restaurants, if a two-metre distance between people cannot be maintained.

August 21: Fitch Solutions Inc: Beirut Explosion And Surge In Covid-19 Cases Poses Risks To Medical Device Market
In Lebanon
The aftermath of an explosion in Beirut, Lebanon will restrict medical device imports to the country. Following the crisis in Beirut,
cases of Covid-19 are spiking and will exacerbate the strain on the healthcare system. Medical Device Industry Risks will remain
high in Lebanon without increased healthcare expenditure and development of the market.

August 20: Fitch Solutions Inc: Dengue Fever Cases Spike In Paraguay
Covid-19 has redirected healthcare funds away from other health issues. Although dengue is more prevalent, Covid-19 remains
more fatal.
Paraguay continues to see a rise in dengue fever cases. According to the Pan American Health Organization (PAHO), the
country has reported 219,913.


Fitch Solutions Inc
August 20: Fitch Solutions Inc: South Korea Telecoms Outlook: 5G To Sustain Growth, Pay-TV Still A Key Focus
The three South Korean telecoms incumbents reported resilient operational and financial results in the first half of 2020,
supporting our bullish view of South Korea's telecoms sector. 5G will remain the key priority for operator capex in the coming
quarters, although we expect funds will be earmarked for acquisition of cable TV players, which will be complementary to the
IPT.

August 19: Fitch Solutions Inc: Romania Consumer Outlook: 2020 Covid-19 Impact Assessment And 2021 Recovery
Scenario
Key View: Relaxation of lockdowns and movement restrictions, travel recommencing, non-essential retail and hospitality re-
opening and the launch of government stimulus packages, are all being taken into account in our forecasts for the Romania
consumer spending outlook in the short-to-medium term (2020-2024). The spread of Covid-19 globally will have a negative
impact on Romania's consumer spending in 2020, with real household spending forecast to contract by -9.0% y-o-y. In 2021 we
project real household spending to begin to recover, growing by a forecast 4.1% y-o-y.

August 19: Fitch Solutions Inc: Madagascar Telecoms On Positive Track, But Service Monetisation A Distant Prospect
Key View
Madagascan regulator data show that the mobile market has returned to growth, supporting 11.7mn subscribers for a
penetration rate of 43.4%, meanwhile the wireline voice market posts a second year of growth, ending 2019 with 73,673 lines.
Industry players are investing to extend the reach and capacity of their networks, with a focus on driving the uptake of
advanced services and not just organic growth, but a significantly weakened consumer profile and increased taxation of
communications services remain a key inhibitor of growth.
Over the longer term, an improving economic outlook.

August 18: Fitch Solutions Inc: Covid-19 Disrupting Alcoholic Drinks Trade In South Africa
Key View: We at Fitch Solutions have made a further downward revision to our 2020 alcoholic drinks consumption forecast for
South Africa. Our forecast for alcoholic drinks consumption now drops to a contraction of -5.4% y-o-y for 2020, from a pre-
Covid-19 forecast of 0.7% growth y-o-y. Initially, in March 2020, we made a downward revision to 0.5% growth, when the
alcohol ban was first put in place. On J

August 18: Fitch Solutions Inc: OPEC Compliance Gains Stall For Iraq And Nigeria
Key View
Improving compliance from Iraq and Nigeria has stalled according to July OPEC data at 89% for Iraq and 66% for Nigeria
though both stand greatly improved from the sub 50% compliance registered in May, the first month of pandemic related
production cut of 9.7mn b/d.
If the current OPEC+ agreement runs to its planned expiry in April 2022, it is unlikely that any of Iraq or Nige.

Fitch Solutions Inc

August 18: Fitch Solutions Inc: Downside Risks To Forecasts As Mexican State Bans Junk Food And Sugar Drinks To
Children
Key View
Further food and drink regulation is planned by the Mexican authorities, with the state of Oaxaca announcing on August 5 that
it would ban the sale junk food and sugary beverages for children.
This move comes as a front-of-package labelling law is due to implemented nationwide in October 2020.
We believe Covid-19 and its high mortality rate associated with obesity w

August 13: Fitch Solutions Inc : Thailand To Move Toward LNG-Fired Generation
We expect gas to remain a key power generation source in Thailand despite government attempts to diversify away from the
fuel source, although this will gravitate increasingly toward liquefied natural gas (LNG) for feedstock. A significant increase in
imports of LNG capacity, and ventures into the market by almost every major power producer in Thailand signals an ongoing
com

August 13: Fitch Solutions Inc : Demographics To Drive Demand For Healthcare In Malaysia
The ageing profile of the Malaysian population will drive the rising incidence of chronic conditions. The pharmaceutical
association aims to provide timely delivery of medications for disease prevention and treatment. A rising demand for
healthcare will necessitate the continued enforcement of cost-containment measures

August 12: Fitch Solutions Inc : Covid-19 To Increase Urgency Of Healthcare Sector Reforms In Pakistan
Pakistan is making several improvements in its healthcare delivery system and has established several reforms. Opportunities for
multinational drugmakers will be marred by underlying issues within the healthcare system. Underperformance of the public
sector healthcare system will drive the growth of private healthcare Source: Company Website
August 12: Fitch Solutions Inc : Morocco Retains Lead Of MENA Autos Production Risk/Reward Index
Morocco is the top ranked MENA market in our Autos Production Risk/Reward Index, thanks to a robust outlook for production
growth, low labour costs and positive industry policy. There is still room to improve, in terms of the country's logistics network and
growing the active labour force. Source: Company Website
August 07: Fitch Solutions Inc : Government Investment Will Support Healthcare Market Expansion In Costa Rica
Costa Rica's strong healthcare system with high demand for chronic disease treatment will support healthcare market growth.
The country also has a strong life sciences sector which will continue to present revenue-earning opportunities for multinational
drugmakers. The need to address fiscal deficits is likely to lead to the tightening of public healthcare budgets.

Fitch Solutions Inc

August 04: Fitch Solutions Inc: Latin America To Capitalise On Supply Chain Diversification But Risks Remain
Key View
Pharmaceutical supply chains continue to be disrupted globally due to adverse effects from Covid-19.
Brazil has the potential to be the next pharmaceutical manufacturing hub for Latin America.
Puerto Rico will continue to be a key manufacturing site for medical, pharmaceutical and biotechnology products.

August 03: Fitch Solutions Inc : EU-Vietnam Free Trade Agreement To Benefit Food, Drink And Textile Manufacturers
Key View
Food, drink and textile exporters in Vietnam and the EU will be some of the largest beneficiaries of the Free Trade Agreement
(FTA) was ratified on June 08.
Vietnam is now the second Association of Southeast Asian Nations (ASEAN) country to sign a FTA with the European Union.
The FTA will lead the EU eliminate approximately 71% of duties on imports from Vietnam from

July 2020:
July 16: Fitch Solutions Inc: Spain To Impose Targeted Regional Lockdown As New Confirmed Covid-19 Cases
Doubled
Targeted regional lockdown in Spain as new infection doubled post nationwide lockdown. ROVI's facility in Madrid to
manufacture Moderna's Covid-19 vaccine candidate. 95% of Spain's population remains susceptible to Covid-19 virus.

July 16: Fitch Solutions Inc: Argentina's Vehicle Production Faces Unprecedented Threat From Covid-19
The Covid-19 pandemic poses an unprecedented threat to Argentina's vehicle output as it causes disruption to production
while also dampening the demand for new vehicles. The weak economic outlook will provide little support for Argentina's
vehicle production industry as it will severely dampen the demand for new vehicles. In 2020, we expect Argentina's vehicle
sales

July 15: Fitch Solutions Inc: Asia Autos Production: Japan Regains Second Place, But Is Not Without Challenges
Key View: In the most recent update of our Autos Production RRI, the Asia region's overall score has remained stable at 56.2 out
of a possible 100. As such, the region maintains its position as the most attractive region for vehicle production globally,
followed by Europe (53.8) and the Americas (43.4). The Asia region benefits from major automotive countries, such as China,
Japan and India, all having.

Fitch Solutions Inc

July 14: Fitch Solutions Inc: Weak Economic Outlook Will Weigh On The Pharmaceutical Sector In The Maldives
Pharmaceutical market growth in the Maldives will remain on a low-growth trajectory due to restrictions in healthcare funds, as
a result of ongoing economic weakness. The country's pharmaceutical imports will increase in line with government's
commitment to improve health services. The majority of medicines will continue to be sourced from South Asian and European
d Source: Company Website
July 13: Fitch Solutions Inc: Generic Drugmakers Will See Increasing Opportunities In Mexico
Restrained government spending due to the economic impact of Covid-19 in Mexico will accelerate the trend of
pharmaceutical cost containment. Government efforts will boost the uptake of low-value generic medicines where possible.
The need for a more sustainable expenditure within public healthcare reimbursement schemes will threaten innovative
drugmakers.

July 10: Fitch Solutions Inc: Bahrain Will Be Among Most Resilient GCC Autos Markets In 2020
Bahrain will suffer from a 'double whammy' of external shocks in the near term in the form of sharply lower oil prices and the
spread of Covid-19, which will be damaging for both business and consumer spending on vehicles. Local business appetite for
spending in areas such as fleet renewal will be highly limited over the coming period, as the domestic economy slows
dramatica

July 10: Fitch Solutions Inc: Brazilian Regulatory Authority Continues To Approve Covid-19 Vaccine Trials
The Brazilian National Regulatory Agency continues to approve vaccine trials in the country to tackle the Covid-19 pandemic.
Further partnerships between Brazil and international vaccine developers likely to take place in H220 due to the country's high
daily case count. Discordant government response continues to be detrimental to Brazil's Covid-19 reaction

July 10: Fitch Solutions Inc: Japan Diversifies LNGSources With Mozambique Investment
Japan has pledged support for the Area 1 Mozambique LNG project supporting the outlook for Mozambique LNG although
significant delays to LNG projects in Mozambique appear inevitable as market conditions deteriorate. LNG from Mozambique
would further expand Japan's current pool of LNG suppliers as it seeks further diversification of its import sources. Japan's LNG
de

July 10: Fitch Solutions Inc: Japan Diversifies LNG Sources With Mozambique Investment
Japan has pledged support for the Area 1 Mozambique LNG project supporting the outlook for Mozambique LNG although
significant delays to LNG projects in Mozambique appear inevitable as market conditions deteriorate. LNG from Mozambique
would further expand Japan's current pool of LNG suppliers as it seeks further diversification of its import sources. Japan's LNG
de

Fitch Solutions Inc

July 09: Fitch Solutions Inc: Tanzania Continues To Shut Covid-19 Centres As No New Cases Reported For Two
Months
Tanzania continues to shut down Covid-19 facilities as official numbers show a sharp decline in cases. Low healthcare spending
per capita in Tanzania means healthcare facilities need to be used efficiently. Doubts about official Covid-19 figures remain.

July 06: Fitch Solutions Inc: Guyana And Suriname Continue To Attract IOCs Despite Political Uncertainty
We maintain our outlook for medium term crude oil production in Guyana as ExxonMobil positions Guyana at the centre of its
investment strategy and restores production after technical issue. The commitment to exploration programmes from several
international oil companies and ExxonMobil's farm-in to an offshore block constitutes an upside risk for Suriname's long term
crude oi

July 06: Fitch Solutions Inc: Taiwan's Early Success Makes It A Role Model For Covid-19 Pandemic Management
As many nations struggle to keep Covid-19 infection numbers down, Taiwan has benefited greatly from the close coordination
between its hospitals and central government. Another reason for Taiwan's success can be attributable to Taiwan's well-
renowned healthcare system. Drug pricing pressure will weigh on the pharmaceutical market growth

July 03: Fitch Solutions Inc: Higher Incentive Levels To Boost Austrian EV Sales In 2020
Key View
Demand for electric vehicles (EV)s in Austria will increase in 2020 following the announcement by the country's Ministry for
Climate, Energy and Transportation that it plans to increase existing incentives aimed at reducing the cost purchasing an EV.
The pending deadline for the implementation of EU wide emissions standards will boost demand for Plug-In Hybrid Vehicles
(PHEV).

July 03: Fitch Solutions Inc: Fishing Bans And Import Costs Feed Through To Impact Bangladeshi Consumer
Spending
Key View:
Despite rising incomes, Bangladesh's fish consumption (their main protein source) has declined relative to rice.
This is because of the rapid inflation of the domestic fish price, causing local consumers to switch to cheaper alternatives.
The reason for this inflation is the difference in the domestic and export prices of fish, as well as short term pressures on fi.


Fitch Solutions Inc
July 02: Fitch Solutions Inc: India's Motorcycle Segment Will Weather The Covid-19 Storm Better Than Other
Segments
Key View
India's motorcycle sector will perform relatively better than the rest of the industry amid the Covid-19 pandemic, as more
consumers will be pushed out of the passenger vehicle market as they come under increased financial pressure.
India's motorcycle production industry will gain some support from domestic demand but will get more support from the export
market as the demand.

July 02: Fitch Solutions Inc: Increased Health Resource Mobilisation In Cambodia In Response To Covid-19
Outbreak
Additional healthcare funds have been allocated towards strengthening Cambodia's health system as the county ramps up
efforts to cope with the Covid-19 outbreak. The expansion of universal healthcare in Cambodia will boost the utilisation of
medical services. Achieving universal healthcare in Cambodia will remain challenging.

July 01: Fitch Solutions Inc: Malaysia Consumer Outlook: 2020 Covid-19 Impact Assessment And 2021 Recovery
Scenario
Key View: Relaxation of lockdowns and movement restrictions, travel recommencing, non-essential retail and hospitality
reopening, and the launch of government stimulus packages are all being taken into account in our forecasts for Malaysia's
consumer spending outlook in the short-to-medium term (2020-2024). The global spread of Covid-19 will have a negative
impact on Malaysia's consumer spending in 2020.

July 01: Fitch Solutions Inc: Brent: Prices Recovering, But Risks Loom Large
We have revised up our annual average forecast for Brent crude for 2020 and 2021, from USD40.0/bbl and USD49.0/bbl to
USD44.0/bbl and USD51.0/bbl in 2020 and 2021, respectively. Demand is normalising at a faster pace than we had initially
anticipated and this is being reflected in shrinking refinery outages, firming crack spreads and rising crude throughput. Absent a
meaningful reversal in the global economic recovery, our data signal a substantial tightening in the crude supply and demand
balance over the second half of the year. While demand is reboundi.

July 01: Fitch Solutions Inc: Indonesia Telehealth Industry Set To Expand
The uptake of digital healthcare options is expected to accelerate in Indonesia as a result of pressures on healthcare systems
from Covid-19. Digital health will be pushed via telemedicine to strengthen healthcare access in Indonesia. Telecare
investment risks are likely to hold back industry growth.


Fitch Solutions Inc
June 2020:
June 25: Fitch Solutions Inc: South East Asia's 'Super Apps': Key Themes For Grab And GoJek In A Post-Covid-19
World
Key View
The Covid-19 pandemic will force both Grab and GoJek to reorganise and focus on three core services: ride-hailing,
food/grocery delivery, and financial services.
The two companies will also likely have a renewed focus on differentiation through services and infrastructure, rather than
relying on discounts and promotional campaigns.
A rumoured merger of the two compa.

June 25: Fitch Solutions Inc: Lebanon And Covid-19: Impact On Consumer Sector
Key View: We have revised our 2020 consumer spending outlook for Lebanon, due to the Covid-19 pandemic. We now
forecast a contraction of 7.0% y-o-y, down from a pre-Covid-19 forecast of a growth of 0.9% y-o-y. In 2019, real household
spending contracted by an estimated 5.0% y-o-y. As of June 23, Lebanon had recorded 1,622 confirmed cases of Covid-19
and 32 deaths. The government ordered a nationwide lockdown in March, which resulted in the closures of non-essential retail
and food services, while consumers were instructed to stay at home. On April 24, a five-phase plan to ease the country.

June 25: Fitch Solutions Inc: Low Incomes To Slow EV Adoption In Egypt Over The Medium Term
Key View
Egypt's large population is dominated by low income households which will slow the pace of the adoption of electric vehicles
over the medium term.
Egypt's bus segment is the most attractive target for electrification as this segment will require a smaller charging network and
the government will support the industry by buying electric buses for public transportation networks

June 22: Fitch Solutions Inc: India's Agribusiness Sector Impacted By Covid-19, Livestock Facing Most Challenges
Key View
India's agribusiness sector has been significantly impacted by the ongoing Covid-19 pandemic, and we have revised down our
production and consumption forecasts across a large range of sub-sectors.
Agricultural production and trade are being constrained by the disruptions to transport and labour shortages. Most farm work
appears to have carried on relatively smoothly despite i.


Fitch Solutions Inc
June 22: Fitch Solutions Inc: EU's Contribution To Zimbabwe's Healthcare Fund Will Help Tackle The Covid-19
Pandemic
Key View
Zimbabwe continues to struggle to cope with the Covid-19 pandemic.
The USD41mn contribution from the EU will help Zimbabwe reach its humanitarian appeal goal
The lifting of the government freezing ban on healthcare will boost medical care available to the public.

June 22: Fitch Solutions Inc: Healthcare System In Cuba Better Placed To Fight Covid-19 Pandemic
Key View
Cuba's government has taken a proactive approach to fight the Covid-19 pandemic.
Cuba maintains a high level of healthcare coverage and a world-class medical service in terms of basic healthcare indicators.
The Covid-19 outbreak will pose additional challenges for Cuba, the economy of which has been battered in recent quarters
by US sanctions and this will weigh on

June 22: Fitch Solutions Inc: Positive MFS Growth In Malawi, But Upselling To Be A Challenge
Key View
We expect Malawi's mobile money market to grow from 7.2mn subscriptions in Q120 to 12.6mn in 2029.
Growth will be supported by the expanding presence of mobile network operators as well as over-the-top (OTT) mobile
financial services providers, as mobile subscriptions continue to outpace the uptake of traditional bank accounts.

June 18: Fitch Solutions Inc: Orange Africa Telecoms Expansion To Be Measured And Target High Value Markets
Orange is considering expanding its presence in Africa, tapping into the South Africa and Nigeria markets as potential near-
term targets. A greenfield strategy is possible but Orange's desire for a more speedy entrance could see it acquire an outright,
or significant, interest in established operators seeking investment. We do not expect a rapid, widespread expansio

June 17: Fitch Solutions Inc: Americas Long-Term Copper Mine Development Outlook Remains Robust
Over the long run, we expect growth in the Americas copper mine production will slow slightly but remain on a positive
trajectory as favourable industry fundamentals continue to incentivise exploration and project approvals in the region. We
expect Chile and Peru to remain regional outperformers, maintaining their status as the top two copper producers globally.


Fitch Solutions Inc
June 16: Fitch Solutions Inc: Thailand To Speed Up Development And Local Production Of Active Pharmaceutical
Ingredients
There is a strong will to incentivize the production of active pharmaceutical ingredients locally and boosting Thailand's appeal
for foreign drugmaker investment. Risks in the form of medicine pricing and budgeting for healthcare threaten drugmakers'
revenue-earning capabilities.

June 16: Fitch Solutions Inc: Multichoice Looks To OTT Players To Boost South African Pay-TV Appeal
Multichoice is attempting to add value and stem declines in its South African pay-TV business by adding Netflix and Amazon
Video streaming services to its premium bundles. For the over-the-top (OTT) players, greater exposure to a ready-made
customer base and the opportunity to also tap demand for their standalone services will be the main appeal. A key risk for Mult

June 15: Fitch Solutions Inc: Serbia IT Spending To Rebound Post-Covid, With Cloud And E-Commerce In Focus
Demand for IT hardware, software and services products will be set back considerably in 2020, owing to the impact of the
Covid-19 pandemic on supply chains and enterprise purchasing. The PC segment will be hit hardest, owing to restrictions on
imports, although we had already expected sluggish growth as the market enjoyed a robust period of growth in 2019 due to
upgrades driv

June 12: Fitch Solutions Inc: Asia Autos: Key Markets Struggle With Covid-19 Impact
Key View:
Asia will be one of the hardest hit regions globally in 2020 with a 16.1% decline in vehicle sales.
Passenger vehicle sales will see the biggest decline of 16.8% compared with 13.5% for commercial vehicles as some countries
turn to infrastructure spending as part of their recovery efforts, generating commercial vehicle demand.
Covid-19 has created some upside poten.

June 11: Fitch Solutions Inc: Hong Kong EV Sales To Expand In 2020 Despite Rising Risks
Key View
Higher incomes in Hong Kong, relative to the Asian region, continue to be a major driver of electric vehicle sales.
Favorable incentives from the Hong Kong government through concessions on first registration taxes on new EV sales and a
scrappage scheme are supportive of rapid EV adoption for Hong Kong in 2020.
Downside risks to our positive EV sales forecast remain


Fitch Solutions Inc
June 11: Fitch Solutions Inc: Puerto Rico To Remain A Key Pharmaceutical Manufacturing Hub
Key View
Tax reforms limited pharmaceutical manufacturing operations in Puerto Rico and led multinational drugmakers to evaluate
their operations in the country.
As Covid-19 threatens global supply chains, Puerto Rico's substantial pharmaceutical presence will continue to attract the
interest of drugmakers.
Because of the country's existing base, Puerto Rico has the ability

June 11: Fitch Solutions Inc: Colombia And Covid-19: Impact On Consumer Sector
Key View: Due to the Covid-19 pandemic, we have made downward revisions to our 2020 consumer spending outlook for
Colombia. We are now forecasting real household spending to decline by -1.1% y-o-y in 2020, from our pre-Covid-19 forecast
for 2020 of 3.8% growth y-o-y. At the time of writing (June 11), Colombia has recorded 43,682 confirmed cases of Covid-19, with
1,433 official Covid-19-related.

May 2020:
May 29: Fitch Solutions Inc: Hungary's Dental Tourism To Take A Hit Due To Covid-19
Key View
Hungary's dental tourism market will lose a significant amount of revenue in 2020, due to Covid-19.
We at Fitch Solutions have lowered our 2019-2024 compound annual growth rate to 7.4 in US dollar terms, resulting in an
estimated market value of USD58.2mn in 2024.
Until definitive actions are taken to reopen tourism sectors, Hungary's dental sector will continue to.

May 28: Fitch Solutions Inc: Bullish UAE Upstream Outlook Intact Despite Covid-19 Headwinds
The UAE upstream sector faces pressure stemming from Covid-19, the associated loss of demand and sharp drop in prices.
Though the country is less exposed to spending cutbacks than most markets globally. ADNOC will partially pare back on its
ambitious spending plans, but project cancellations and delays will be limited and the long-term production outlook remains
bullish, with.

May 27: Fitch Solutions Inc: Covid-19 To Rout Pakistan's Refining Activity, Fuel Demand
The Covid-19 pandemic is set to hit Pakistan hard. The pandemic drastically alters our expectation for short-term refining activity
and fuel demand. Oor outlook for the longer term is similarly underwhelming, more so for a market with Pakistan's population
and size.

Fitch Solutions Inc

May 27: Fitch Solutions Inc: Covid-19 Pandemic Exposed Over-Reliance On China For Pharmaceutical Raw
Materials
Supply chain disruptions caused by the pandemic have heightened concerns by governments globally about how China's
dominance of APIs could threaten their domestic drug security. The US has recognised the need to become more self-sufficient.
We believe that supply chain diversification and reshoring will not be a quick process.

May 27: Fitch Solutions Inc: Peru Copper Mine Production To Pick Up As Reopening Begins
We are revising down Peru's copper mine production forecast further from a 4.0% contraction to an 11.5% contraction in 2020
to account for the dismal copper output figures in Q120 and expected lower output in Q220. That being said, output will begin
to pickup from Q220 lows as phase one of the government's reactivation plan begins. Broader mining investment will beg.

May 25: Fitch Solutions Inc: Operational Risks Causing Serious Cracks In Algeria's Vehicle Production Industry
The growing political, operational and economic risks in Algeria pose an increasing threat to the future of the country's vehicle
production industry, especially as the Covid-19 pandemic has made automakers very risk-averse. OEMs. will reassess their
commitment to Algeria amid the policy uncertainty and political risk, and the likely beneficiaries will be Morocco and Egypt.
May 22: Fitch Solutions Inc: Chinese Financing For Budapest-Belgrade Railway Signifies Further Expansion Of BRI
Into Europe
Key View
An agreement between Hungary and China for the Export-Import Bank of China to finance the Hungarian stretch of the
Budapest-Belgrade railway marks a significant expansion of China's Belt and Road Initiative (BRI) in its efforts to make inroads
into Central and Eastern Europe (CEE).
The decision by Hungary's parliament to classify details relating to the project's implementati

May 22: Fitch Solutions Inc: Demographics And Industrial Expansion To Drive Bangladesh Buildings Sector
Key View
A growing demand for affordable housing due to an expanding population base, especially in Dhaka and Chittagong, will be
the primary driver of growth of Bangladesh's residential buildings sector.
Bangladesh's burgeoning garment sector, along with the government's plans to establish 100 Special Economic Zones, will
create opportunities in the non-residential buildings sector.


Fitch Solutions Inc
May 20: Fitch Solutions Inc: Caribbean: Alcohol Segment Heavily Exposed To The Impact Of Covid-19
Key View
The alcohol industry will be one of the sectors most exposed to the impact of Covid-19 in the
Caribbean due to government measures (both impacting domestic consumer spending patterns and
tourism) implemented to stem the spread of Covid-19 and a deteriorating economic outlook.

May 11: Fitch Solutions Inc: Covid-19 Alcohol Update: Opportunities In Australia For Foreign Alcohol Exporters
Key View
We note that Australia's alcohol sector will remain resilient, despite Covid-19. In the near term, we have revised our forecasts up
for Australia's alcohol spending, due to an uptick in sales, even with social distancing measures in place.
In the longer term, we expect that premiumisation will be the key trend driving the development of Australia's alcohol sector,
with consum.

May 11: Fitch Solutions Inc: Weakening Currency To Make Car Ownership In Pakistan Increasingly Unobtainable
Key View
Pakistan's automotive manufacturing industry is dominated by Completely Knocked Down kits (CKD), and virtually all other
automotive components for local manufacturing are imported, which means that automakers will be highly exposed to
currency fluctuations.
Pakistan's rupee will continue weakening further in the near term as investors pull out of rupee-denominated assets amid.

May 07: Fitch Solutions Inc: Israel Is Among The Countries With The Most Effective Responses To The Covid-19
Pandemic
Key View
Measures taken to protect high risk population has kept mortality rate low.
Ultra-orthodox patients make up a disproportionate number of Covid-19 patients in Israel.
Israel's already tight public medicines budget for 2020 has been stretched in battling Covid-19 pandemic.
Israel studies claimed progress in Covid-19 antibody trials.


Fitch Solutions Inc
May 07: Fitch Solutions Inc: Chile And Covid-19: Impact On Consumer Sector
Key View: Due to the Covid-19 pandemic, we have revised down our 2020 consumer spending outlook for Chile. We are now
forecasting real household spending to contract by -2.1% in 2020, from our pre-Covid-19 forecast for 2020 of 2.1% growth y-o-y.
At the time of writing (May 7), Chile has recorded 23,038 confirmed cases of Covid-19 and 281 deaths. The Chilean government
was quick to enact lockdown measure.

May 07: Fitch Solutions Inc: Global LNG Supply Set For Mid-20s Boom
Key View
In 2020, LNG supply growth will be heavily constrained as the collapse in global demand and prices backs in exports.
While supply will post a recovery in 2021, growth has peaked and will not recover to the previous years' highs until the next
wave of capacity is brought online in the mid-2020s.
The regional drivers of supply will shift, as Qatar pushes to regain its.

May 06: Fitch Solutions Inc: Colombia To Lower Oil Output Amid The Collapse In Prices
Key View
The collapse in oil prices led us to revise our oil production forecast for 2020 in Colombia. We now expect that oil output will
contract by 5.8%, falling from 885,000b/d to 834,000b/d.
In our view, the volume of marketed natural gas will remain unchanged as compared to 2019, maintaining the level of 7.4bcm
over 2020. Although we expect that gross natural gas production will

May 05: Fitch Solutions Inc: Kenya 5G: Regulatory Support And Operator Investment Lift Deployment Outlook
Key View
Moves towards 5G deployment in Kenya have been driven by a combination of support from a forward-looking regulator and
investments by service providers.
Initial deployments will target high-value opportunities in the retail and enterprise segments.
Key use cases will be in fixed wireless broadband, with mobile uptake set to increase at a later stage, while the enter.

April 2020:
April 06: Fitch Solutions Inc: Headwinds To SUV Sales In The UK

Key View

Fitch Solutions Inc

SUV sales growth in the UK will face headwinds as credit conditions tighten following the Covid-19 outbreak.
Weakened demand and accessibility will be compounded as manufacturers prioritise sales of expensive electrified models and
limit the availability of higher-emission vehicles.
We note long-term opportunities for manufacturers producing electrified variants of

March 2020:
March 25: Fitch Solutions Inc: Healthcare Expenditure To Increase In Latin America Due To Covid-19
Key View
We at Fitch Solutions believe that the outbreak of coronavirus will place significant upside pressure on healthcare sales in key
economies in Latin America.
We highlight that several countries in the region are ramping up policy response against the coronavirus outbreak.
Relatively increased levels of public expenditure on medical services will be maintained despite.

March 19: Fitch Solutions Inc: Concessions To Support Camtel's Growth In Cameroon's Broadband Market
Cameroon's Telecommunications Regulatory Board has granted the incumbent fixed telephony and data provider, Camtel,
three licence concessions. A GSM licence allows for Camtel's entrance into the mobile market as it looks to diversify beyond
the fixed voice market, where growth is being undermined by demand for newer, cheaper technologies. The
telecommunications transport network concession enables Camtel to consolidate its portfolio of submarine cables, backbone
fibre and satellite networks to support the advancement of its mobile and broadband networks.

March 19: Fitch Solutions Inc: Egypt: An Attractive Consumer Profile To Investors
At Fitch Solutions, we project real total household spending growth in Egypt over 2020 to average 7.2%, a strengthening on the
historic five-year average (2015-2019) of 6.4%. This growth is being supported by stabilising inflation levels, with our Country Risk
team forecasting headline inflation to come in at 6.8% in 2020, down from 9.4% in 2019. As a result of Egypt's easing inflation
levels and attractive consumer profile (young and expanding population, and rising middle class), we believe the country will
be on the radar of MGR players and.

March 19: Fitch Solutions Inc: Covid - 19: Forecast Revisions For Consumer Spending In South Korea
Key View
We have revised down our South Korea consumer spending projections on the back of the impact of coronavirus.
Real household spending in the country is now projected at 0.7% y-o-y in 2020, down from an original forecast of 3.1% for the
yea

Fitch Solutions Inc

March 18: Fitch Solutions Inc: South Korea's Healthcare Market Forecast Revised Upwards
The introduction of fiscal stimulus in light of the coronavirus will result in a significant shift in the South Korean healthcare market.
Healthcare spending is unlikely to be boosted over the short term, despite macroeconomic pressures. Implementation of new
health packages could result in another upward revision.

March 18: Fitch Solutions Inc: Sales Increases Highlight Growing Importance Of Biosimilars For Stada
Stada Arzneimittel reported a notable uptick in Group revenues in FY19, providing a solid base from which to expand in FY20.
Biosimilars remain an under-developed market for Stada, but sales of epoetin zeta expanded rapidly in FY19 to become the
top-selling product in the Generics segment. Biosimilar sales are becoming increasingly important for the firm. Generics
segment sales in Germany and Europe rose, but those in the CIS fell; the volatility of the Russian market is continuing to impact
Stada's revenues.
Stada Arzneimittel has reported total Group revenues.

March 17: Fitch Solutions Inc: Chinese Healthcare Market Forecast Revised Upwards
Key View
We at Fitch Solutions believe that the outbreak of coronavirus will place significant upside pressure on healthcare sales in
China.
Relatively high levels of public expenditure on medical services will be maintained in China despite restrictions on government
spending due to macroeconomic dynamics.

March 12: Fitch Solutions Inc: Gamers The Next Growth Opportunity For Telcos In Asia
Key View
Operators have several business models they can adopt to better engage and penetrate the growing Asian online gaming
market.
The introduction of battle royale format games and the proliferation of smartphones has shifted the dynamics of monetisation in
the industry.

March 10: Fitch Solutions Inc: South African Government Measures Offer Significant Upside To Private Renewables
Sector
Significant upside risk to our outlook for growth in non-hydropower renewables capacity in South Africa has emerged from the
State of the Nation Address (SONA), with a number of measures to boost investment announced.

Fitch Solutions Inc

Shorter construction times, lower costs and the ability to avoid carbon taxes will see non-hydropower renewables be the choice
for private firms looking to self-generate as well as power producers looking to sell to municipalities.
Wind and solar projects will remain the key renewable technologies in South Africa owing to favourable cond.

March 10: Fitch Solutions Inc: Iraq's Medical Device Forecast Revised Upwards
Slower economic growth in 2020, on the back of political uncertainty amid persistent large-scale demonstrations, will restrict
medical device market growth to 6.8% in 2020 before picking up to 10.3% in 2021 in local currency terms.
Rising government spending as well as the reconstruction of damaged healthcare infrastructure in the country will drive
medical device imports.


Fitch Solutions Inc
Index
Section 1. Fitch Solutions Inc 1
Fig 1: Company Summary 1
Fig 2: Activities 1
Section 2. Fitch Solutions Inc 2
Fig 3: Financials 2
Section 3. Board and Management 3
Fig 4: Top Management 3
Section 4. Business News Round Up 4
News (Past 12 months)
Fig 5: Press Releases: 2021 [2 articles]: 4
February 2021:
February 25: Fitch Solutions Inc: Robust Growth Outlook For Greek Solar 4
February 03: Fitch Solutions Inc: Asian Telcos Moving To The Edge Through Cloud Partnerships 4
Fig 6: Other News: 2021 [21 articles]: 4
February 2021:
February 25: Fitch Solutions Inc: Ford's Electrification Strategy Reflects Strength Of EV Policies In Europe 4
February 25: Fitch Solutions Inc: South Korean Government Will Continue To Foster The Domestic Pharmaceutical
Industry 4
February 25: Fitch Solutions Inc: Nigeria's Automotive Production Outlook Hampered By Lower Import Duties 5
February 03: Fitch Solutions Inc: Mexican Consumer Recovery Getting Underway In 2021 5
February 02: Fitch Solutions Inc: Egypt's Regional Gas Hub Ambitions Supported By Israel Imports, Hindered By
Rising Demand And Falling Production 5
February 02: Fitch Solutions Inc: SSA Green Hydrogen Index: South Africa Ranks Highest In Region 5
February 01: Fitch Solutions Inc: Limited Activity In Antipsychotics Drug Development Unlikely To Change Despite
Being A USD14bn Market 6
January 2021:
January 28: Fitch Solutions Inc: Bosnia-Herzegovina's Limited Healthcare Funding Will Slow Recovery From Covid-19
Crisis 6
January 28: Fitch Solutions Inc: Latin America Green Hydrogen Index: Chile's Top Ranking Aligns With Green
Hydrogen Ambitions 6
January 27: Fitch Solutions Inc: Opportunity For Expansion In Singapore's MGR Private Label Brands 6
January 26: Fitch Solutions Inc: Netherlands Re-Export Market Blunts Covid-19 Shock To Medical Device Market 6
January 25: Fitch Solutions Inc: Malaysian Vehicle Sales To Weather New Lockdown Amid Tax Exemption
Extension 7
January 25: Fitch Solutions Inc: Tanzania's Healthcare System Continues To Suffer From Acute Workforce
Shortages 7
January 25: Fitch Solutions Inc: The Hidden Risk Of Long Covid In 'Post-Covid' World 7
January 08: Fitch Solutions Inc: Uganda's Healthcare System To Remain Strained Under The Weight Of Disease
Outbreaks 7
January 08: Fitch Solutions Inc: Carrefour Strengthens Its Convenience Store Presence In Taiwan 8
January 07: Fitch Solutions Inc: Chile To Continue Leading The Way For Vaccine Rollout In Latin America 8

Fitch Solutions Inc
Index (continued)
January 07: Fitch Solutions Inc: Meat And Poultry Spending Outlook In Oman Slowing 8
January 06: Fitch Solutions Inc: Latin American Parliamentarians To Advance Laws To Accelerate Digital Health
Transformation 8
January 04: Fitch Solutions Inc: Vehicle Production Costs Will Rise In 2021 As Commodity Prices Rebound 8
January 04: Fitch Solutions Inc: Digital Health Will Boost Taiwan's Healthcare System 9
Fig 7: Press Releases: 2020 [11 articles]: 9
December 2020:
December 17: Fitch Solutions Inc: Coca-Cola Launches Hard Seltzer In Latin America 9
December 15: Fitch Solutions Inc: Successful Wind And Solar Project Tenders Boost Ecuador's Renewables Outlook9
December 01: Fitch Solutions Inc: 'Second Wave' Further Deteriorates Refining, Fuel Demand Growth Outlooks For
Pakistan 9
November 2020:
November 18: Fitch Solutions Inc: Robust Growth Outlook For Turkish Wind Power Sector Despite Near-Term
Challenges 10
November 18: Fitch Solutions Inc: Amazon Makes Significant Move Into Healthcare With Launch Of Pharmacy
Business 10
October 2020:
October 23: Fitch Solutions Inc: Algerian Fiscal Deficit To Narrow Only Slightly In 2021 10
October 06: Fitch Solutions Inc: Canmart Acquisition To Grow Halo Labs Presence In European Medical Cannabis
Markets 10
October 05: Fitch Solutions Inc: Wisynco And AB InBev Partnership To Expand Premium Beer Offering In Jamaica 10
September 2020:
September 03: Fitch Solutions Inc: South African Retail Sales Recovering, But Hampered By Strict Regulation 11
September 01: Fitch Solutions Inc: Commodities Sector Post Covid-19: Winners And Losers 11
March 2020:
March 19: Fitch Solutions Inc: Gym And Fitness Subscription A Trend To Watch In China, Despite Covid-19
Outbreak 11
Fig 8: Other News: 2020 [202 articles]: 11
December 2020:
December 30: Fitch Solutions Inc: Philippines Coal Power Projects To Face Headwinds 11
December 30: Fitch Solutions Inc: 2020 Year In Review: Asia Pacific Medical Devices 12
December 29: Fitch Solutions Inc: 2020 Year In Review: Middle East And North Africa 12
December 29: Fitch Solutions Inc: Geothermal Investment Hotspots: Outperformers And Markets To Watch 12
December 29: Fitch Solutions Inc: Limited Benefits From Supply Chain Shifts In SSA's Medical Device Industry 12
December 23: Fitch Solutions Inc : 2020 Year In Review: Covid-19 Exposed Multiple Shortfalls In Sub-Saharan Africa's
Healthcare Systems 12
December 23: Fitch Solutions Inc : Capex Spending To Support Ghana's Oil Output, But Headwinds Remain 13
December 22: Fitch Solutions Inc: Botswana Is Well Positioned For E-Grocery Investments 13
December 22: Fitch Solutions Inc: Indonesia Tower Companies Primed For Growth In 2021 13
December 22: Fitch Solutions Inc: Ghana Leverages Telemedicine To Expand Specialist Care In Rural Areas 13
December 21: Fitch Solutions Inc: SSA Autos: Recovery Will Lag Other Regions Due To Delayed Access To Covid-
Vaccine 13

Fitch Solutions Inc
Index (continued)
December 17: Fitch Solutions Inc: Turkey's Robust Refined Fuel Demand To Give Ground In The Wake Of Rising
Covid-19 Cases 14
December 17: Fitch Solutions Inc: Covid-19-Induced Recession Will Impact Bulgaria's Medical Device Market
Performance And Healthcare Expenditure 14
December 16: Fitch Solutions Inc: Varied Access To Covid-19 Vaccines Expected Across MENA 14
December 16: Fitch Solutions Inc: Algeria's E-Grocery And Food Delivery Services To Witness Rapid Growth 14
December 15: Fitch Solutions Inc: Kenya's Withdrawal Of Funds For Healthcare Workers Will Increase Pressure On
Healthcare System 14
December 14: Fitch Solutions Inc: Alternative Proteins: Plant-Based 'Meat' Alternatives Finding A Foothold In
Japan 15
December 12: Fitch Solutions Inc: Infinix To Diversify Supply Chain Through Egypt Manufacturing Centre 15
December 11: Fitch Solutions Inc: Approval Of Nigeria's Health Infrastructure Bank Would Boost Local Healthcare
Development 15
December 11: Fitch Solutions Inc: Rise Of Virtual Power Plants To Support Increasing Renewables Adoption 15
December 10: Fitch Solutions Inc: Government Auctions To Drive Saudi Renewables Growth 15
December 09: Fitch Solutions Inc: Key Latin American Countries Strive To Reshape Their Downstream Market 15
December 09: Fitch Solutions Inc: Low Base Effects Point To Growth In 2021 For Philippines Vehicle Sales 16
December 09: Fitch Solutions Inc: Key Latin American Countries Striv To Reshape Their Downstream Market 16
December 08: Fitch Solutions Inc: China To Dominate Solar Manufacturing Competitive Landscape 16
December 07: Fitch Solutions Inc: Power And Renewables Key Themes For 2021 16
December 07: Fitch Solutions Inc: Colombia's Road To 5G: Spectrum Auctions, Pilot Services And Avantel's Take-
Over 16
December 01: Fitch Solutions Inc: Kazakhstan To Remain Dependent On Sugar Imports, Despite Rising Yields 16
December 01: Fitch Solutions Inc: Cuba's Medical Device Market Forecast Downwards As Result Of The Covid-19
Pandemic 17
November 2020:
November 30: Fitch Solutions Inc: Rare Growth For Canadas Passenger Car Segment Does Not Mark Turnaround 17
November 30: Fitch Solutions Inc: Rare Growth For Canada's Passenger Car Segment Does Not Mark Turnaround17
November 30: Fitch Solutions Inc: Europe Avian Influenza Cases To Rise, EU Export Disruption Softened By Internal
Market 17
November 27: Fitch Solutions Inc: Fashion Re-Commerce Set For Demand Acceleration And Supply Evolution In
2021 17
November 27: Fitch Solutions Inc: Pharmaceuticals & Healthcare Outlook For 2021: Latin America 18
November 26: Proposition 22: A New Model For Ride-Hailing Companies To Manage Regulatory Risks? 18
November 26: Fitch Solutions Inc: New Gas Discovery To Boost South Africa's Upstream Potential 18
November 24: Fitch Solutions Inc: 2021, The Year Food Delivery Apps Establish Across Emerging Markets 18
November 24: Fitch Solutions Inc: Thailand Aims To Reduce Cancer Treatment Costs 18
November 24: Fitch Solutions Inc: Retailers To Embrace Gaming/ Streaming To Reach Consumers In 2021 18
November 23: Fitch Solutions Inc: Malaysia's Autos Value Chain To Gain From Strong Policy And Established Local
Tech Industry 19
November 23: Fitch Solutions Inc: FDA Approval Of First Domestic Covid-19 Test Will Promote Diagnostic
Innovation 19
November 23: Fitch Solutions Inc: North Macedonia's Healthcare Expenditure Set To Increase As Government
Approves 2021 Budget 19

Fitch Solutions Inc
Index (continued)
November 19: Fitch Solutions Inc: South Korea To Diversify Dairy Imports And Benefit RCEP Countries And EU 19
November 19: Fitch Solutions Inc: Tanzania's Growing Construction And Freight Sectors Positive For Commercial
Vehicle Sales 19
November 18: Fitch Solutions Inc: Alternative Protein: China's Plant-Based Meat Outlook Accelerated By Covid-
19 20
November 17: Fitch Solutions Inc: Bulgaria MGR Outlook: Opportunity For Wholesale And Discount Expansion 20
November 17: Fitch Solutions Inc: Brazil Fintech Market To Heat Up Following Regulatory Reform 20
November 16: Second Lockdown In Germany: Implications For Consumer & Retail 20
November 16: Fitch Solutions Inc: Low EU Pork Prices Into 2021 As Trade Disrupted, Production Flat 20
November 13: Fitch Solutions Inc: Oman's Healthcare Expansion Continues To Pose Downside Risk To International
Drugmakers 21
November 13: Fitch Solutions Inc: South Africa MGR Outlook: Discounter &Wholesale Expansion Opportunities 21
November 12: Fitch Solutions Inc: The Gambia Will Need A Boost In Funding To Strengthen Healthcare System 21
November 11: Fitch Solutions Inc: Reform Likely To Increase Healthcare Financing In Malaysia 21
November 10: Fitch Solutions Inc: Fitch Solutions Inc: New Healthcare Reforms Aim To Strengthen Georgia's Public
Health System 21
November 09: Fitch Solutions Inc: Medical Device Market Projection Raised In Peru As Universal Healthcare Will
Bolster Activity 22
November 09: Fitch Solutions Inc: India MGR Outlook: Opportunity For Wholesale And Discount Expansion 22
November 06: Fitch Solutions Inc: Thailand's South East Asia Electric Vehicle Ambitions Boosted By Additional
Incentives 22
November 06: Fitch Solutions Inc: Limited Medicine Reimbursement Reduces Attractiveness Of Albania's
Pharmaceutical Market 22
November 06: Fitch Solutions Inc: Access To Innovative Drugs In Malta To Remain Limited Despite Healthcare
System Reform 22
November 05: Fitch Solutions Inc: Uncertain Route To Covid-19 Vaccines For Countries In Sub-Saharan Africa 23
November 05: Fitch Solutions Inc: Brazil Sugar Production To Decline In 2021/22 As Ethanol Demand Recovers And
La Nina Looms 23
November 04: Fitch Solutions Inc: Healthcare Investment To Facilitate Sector's Growth In Myanmar 23
November 04: Fitch Solutions Inc: Brazil 2020/21 Soybean Production To Decline Slightly, La Nina Poses Further
Downside Risks 23
October 2020:
October 30: Fitch Solutions Inc: ASEAN Power Grid To Continue Taking Shape 23
October 30: Fitch Solutions IncASEAN Power Grid To Continue Taking Shape 24
October 30: Fitch Solutions Inc: Tanzania Expands Its National Health Insurance Coverage 24
October 30: Fitch Solutions Inc: Covid-19 Not To Derail Morocco's Transport Sector Outlook In The Long-Term 24
October 27: Fitch Solutions Inc : Challenges Will Surround Belize's National Health Insurance Program 24
October 27: Fitch Solutions Inc: Bosnia-Herzegovina's Pharmaceutical Market Forecast Revised Downwards 24
October 26: Fitch Solutions Inc: Likely Uptick In Imports To Drag Slightly Taiwan's 2021 Current Account Surplus 25
October 26: Fitch Solutions Inc: Ghana Gold Mining: Solid Growth On The Back Of Robust Project Pipeline 25
October 22: Fitch Solutions Inc: Bangladesh Growth To Recover Slightly In FY2020/21 25
October 22: Fitch Solutions Inc: Chile MGR Outlook: Opportunity For Wholesale And Discount Expansion 25
October 21: Fitch Solutions Inc: Regional Demand Growth Offers Room For Growth In Turkish Downstream 25
October 20: Fitch Solutions Inc: Healthcare Reform In Ukraine Will Create Opportunities For Drugmakers 25

Fitch Solutions Inc
Index (continued)
October 20: Fitch Solutions Inc: Tabangao Closure To Deepen Philippines' Dependence On Imports 26
October 16: Fitch Solutions Inc: Growing Cancer Burden Will Mandate Further Government Action In El Salvador 26
October 16: Fitch Solutions Inc: Inflammatory Bowel Disease Market Key Target For Autoimmune Drugs 26
October 15: Fitch Solutions Inc: Puerto Rico's Healthcare Market To Undergo Reforms 26
October 14: Fitch Solutions Inc: Downside Risks For Indonesia Power Amid Covid-19 And Increasing Financial
Pressures 26
October 13: Fitch Solutions Inc: Croatia's Health Expenditure Continue To Be Skewed Towards Pharmaceutical
Expenditure Despite Cost-Containment Measures 27
October 12: Fitch Solutions Inc: Sub-Saharan Africa 5G: Deployment Costs, Price Sensitivity To Weigh On
Investment 27
October 12: Fitch Solutions Inc: Colombia's Pharmaceutical & Healthcare Markets Continue To Face
Macroeconomic Challenges 27
October 09: Fitch Solutions Inc: Middle East's Aluminium Sector To Witness Steady Growth In Medium Term 27
October 07: Fitch Solutions Inc: Medtronic's DOJ Antitrust Review Could Slow Future M& A Activity 27
October 07: Fitch Solutions Inc: Covid-19 Effects Continue To Drag On Asia's Fuel Market 27
October 07: Fitch Solutions Inc: Pharmaceutical Exports From Indonesia To Grow 28
October 06: Fitch Solutions Inc: Near-Term Headwinds To Weigh On India Power And Renewables Growth 28
October 05: Fitch Solutions Inc: New Microsoft Cloud Region To Support Greece's Digital Transformation 28
October 05: Fitch Solutions Inc: Malawi's Healthcare System Will Continue To Be Constrained By Low Government
Funding 28
October 02: Fitch Solutions Inc: European And SSA Market Opportunities For Greek Food & Drink Exporters 29
October 02: Fitch Solutions Inc: Overcoming Global Covid Diagnostic Inequality: A Key Challenge 29
October 01: Fitch Solutions Inc: Generic Drugs To Drive Growth In Thailand's Pharmaceutical Market 29
October 01: Fitch Solutions Inc: Pepsico Expands Snack Business In Russia 29
October 01: Fitch Solutions Inc: Colombia Remains Attractive Expansion Prospect For Retailers, Despite Covid-19 29
September 2020:
September 23: Fitch Solutions Inc: Upward Forecast Revisions For Healthcare Spending In Thailand 30
September 23: Fitch Solutions Inc: Covid-19 Serology Testing Will Be Key To Monitor Ongoing Immunity 30
September 18: Fitch Solutions Inc: Shifting Policy Approach Drives New Uncertainty In Mexican Port Sector 30
September 17: Fitch Solutions Inc: Heineken Expands Latin America Exposure With Peru Entry 30
September 16: Fitch Solutions Inc: Singapore Pay-TV Subscriber Losses To Rise, Few Prospects For Reversal 30
September 15: Fitch Solutions Inc: Indonesian EV Adoption Will Be Gradual As Lack Of Incentives Caps Growth 31
September 15: Fitch Solutions Inc: Czech Republic 5G Auction At Risk Of Further Delay 31
September 15: Fitch Solutions Inc: Global Wind & Solar Project Delivery To Outperform While Coal & Indian
Projects Languish 31
September 11: Fitch Solutions Inc: Green Hydrogen To Support Australian Renewables Growth Momentum 31
September 09: Fitch Solutions Inc: Planned Thai Scrappage Scheme A Positive Step In Vehicle Sales Recovery In
2021 31
September 09: Fitch Solutions Inc: Rwanda Pharmaceutical Exports To Increase As Domestic Industry Expands 31
September 09: Fitch Solutions Inc: Brazil To Prioritise Natural Gas Infrastructure Projects In Light Of Announced
Emission Targets 32
September 09: Fitch Solutions Inc: German Power Sector Shifting Rapidly Away From Coal 32
September 08: Fitch Solutions Inc: Low Risk And Wealthy Consumer Lift Kuwait In Autos Sales Risk/Reward Index Z 32

Fitch Solutions Inc
Index (continued)
September 08: Fitch Solutions Inc: Malaysia's New Digital Infrastructure Plan Positive For Operators, A Hiccup For
5G 32
September 07: Fitch Solutions Inc: Brazil's Pharmaceutical Market Revised Down 32
September 04: Fitch Solutions Inc : Rising Geopolitical Risks And Protectionism Will Increasingly Impact Agribusiness
Trade And Investment 32
September 04: Fitch Solutions Inc: Thailand Pharmaceutical Exports Expected To Demonstrate Growth As Domestic
Industry Expands 33
September 04: Fitch Solutions Inc: South African Power Sector Growth Impaired By Policy Uncertainty 33
September 03: Fitch Solutions Inc: Digital Health Push Will Strengthen India's Healthcare System 33
September 03: Fitch Solutions Inc: Argentina - Dark Stores And Online Marketplaces To Disrupt Mass Grocery
Retail 33
September 03: Fitch Solutions Inc: Asia LPG Demand Resilient Amid Pandemic 33
September 02: Fitch Solutions Inc: Sri Lanka's Domestic Pharmaceutical Industry To Benefit From Increased
Government Investment 34
September 01: Fitch Solutions Inc: China's Drug-Buying Programme Will Crowd Out Foreign Multinational
Drugmakers 34
September 01: Fitch Solutions Inc: Covid-19: Indonesia Retails Sales Point To Slow Recovery 34
August 2020:
August 27: Fitch Solutions Inc: Continued Momentum In Dominican Republic Renewables Sector 34
August 27: Fitch Solutions Inc: Sub-Saharan Africa Telecoms: Submarine Cable Developments 34
August 24: Fitch Solutions Inc: Traction Of Green Hydrogen In Asia Led By Two Key Markets 35
August 24: Fitch Solutions Inc: Janssen Gains Approval For Phase III Covid-19 Vaccine Trials In Brazil 35
August 21: Fitch Solutions Inc: Spanish Smoking Ban Poses Downside Risks To Tobacco And Restaurant Spending 35
August 21: Fitch Solutions Inc: Beirut Explosion And Surge In Covid-19 Cases Poses Risks To Medical Device Market
In Lebanon 35
August 20: Fitch Solutions Inc: Dengue Fever Cases Spike In Paraguay 35
August 20: Fitch Solutions Inc: South Korea Telecoms Outlook: 5G To Sustain Growth, Pay-TV Still A Key Focus 36
August 19: Fitch Solutions Inc: Romania Consumer Outlook: 2020 Covid-19 Impact Assessment And 2021 Recovery
Scenario 36
August 19: Fitch Solutions Inc: Madagascar Telecoms On Positive Track, But Service Monetisation A Distant
Prospect 36
August 18: Fitch Solutions Inc: Covid-19 Disrupting Alcoholic Drinks Trade In South Africa 36
August 18: Fitch Solutions Inc: OPEC Compliance Gains Stall For Iraq And Nigeria 36
August 18: Fitch Solutions Inc: Downside Risks To Forecasts As Mexican State Bans Junk Food And Sugar Drinks To
Children 37
August 13: Fitch Solutions Inc : Thailand To Move Toward LNG-Fired Generation 37
August 13: Fitch Solutions Inc : Demographics To Drive Demand For Healthcare In Malaysia 37
August 12: Fitch Solutions Inc : Covid-19 To Increase Urgency Of Healthcare Sector Reforms In Pakistan 37
August 12: Fitch Solutions Inc : Morocco Retains Lead Of MENA Autos Production Risk/Reward Index 37
August 07: Fitch Solutions Inc : Government Investment Will Support Healthcare Market Expansion In Costa Rica 37
August 04: Fitch Solutions Inc: Latin America To Capitalise On Supply Chain Diversification But Risks Remain 38
August 03: Fitch Solutions Inc : EU-Vietnam Free Trade Agreement To Benefit Food, Drink And Textile
Manufacturers 38
July 2020:

Fitch Solutions Inc
Index (continued)
July 16: Fitch Solutions Inc: Spain To Impose Targeted Regional Lockdown As New Confirmed Covid-19 Cases
Doubled 38
July 16: Fitch Solutions Inc: Argentina's Vehicle Production Faces Unprecedented Threat From Covid-19 38
July 15: Fitch Solutions Inc: Asia Autos Production: Japan Regains Second Place, But Is Not Without Challenges 38
July 14: Fitch Solutions Inc: Weak Economic Outlook Will Weigh On The Pharmaceutical Sector In The Maldives 39
July 13: Fitch Solutions Inc: Generic Drugmakers Will See Increasing Opportunities In Mexico 39
July 10: Fitch Solutions Inc: Bahrain Will Be Among Most Resilient GCC Autos Markets In 2020 39
July 10: Fitch Solutions Inc: Brazilian Regulatory Authority Continues To Approve Covid-19 Vaccine Trials 39
July 10: Fitch Solutions Inc: Japan Diversifies LNGSources With Mozambique Investment 39
July 10: Fitch Solutions Inc: Japan Diversifies LNG Sources With Mozambique Investment 39
July 09: Fitch Solutions Inc: Tanzania Continues To Shut Covid-19 Centres As No New Cases Reported For Two
Months 40
July 06: Fitch Solutions Inc: Guyana And Suriname Continue To Attract IOCs Despite Political Uncertainty 40
July 06: Fitch Solutions Inc: Taiwan's Early Success Makes It A Role Model For Covid-19 Pandemic Management 40
July 03: Fitch Solutions Inc: Higher Incentive Levels To Boost Austrian EV Sales In 2020 40
July 03: Fitch Solutions Inc: Fishing Bans And Import Costs Feed Through To Impact Bangladeshi Consumer
Spending 40
July 02: Fitch Solutions Inc: India's Motorcycle Segment Will Weather The Covid-19 Storm Better Than Other
Segments 41
July 02: Fitch Solutions Inc: Increased Health Resource Mobilisation In Cambodia In Response To Covid-19
Outbreak 41
July 01: Fitch Solutions Inc: Malaysia Consumer Outlook: 2020 Covid-19 Impact Assessment And 2021 Recovery
Scenario 41
July 01: Fitch Solutions Inc: Brent: Prices Recovering, But Risks Loom Large 41
July 01: Fitch Solutions Inc: Indonesia Telehealth Industry Set To Expand 41
June 2020:
June 25: Fitch Solutions Inc: South East Asia's 'Super Apps': Key Themes For Grab And GoJek In A Post-Covid-19
World 42
June 25: Fitch Solutions Inc: Lebanon And Covid-19: Impact On Consumer Sector 42
June 25: Fitch Solutions Inc: Low Incomes To Slow EV Adoption In Egypt Over The Medium Term 42
June 22: Fitch Solutions Inc: India's Agribusiness Sector Impacted By Covid-19, Livestock Facing Most Challenges 42
June 22: Fitch Solutions Inc: EU's Contribution To Zimbabwe's Healthcare Fund Will Help Tackle The Covid-19
Pandemic 43
June 22: Fitch Solutions Inc: Healthcare System In Cuba Better Placed To Fight Covid-19 Pandemic 43
June 22: Fitch Solutions Inc: Positive MFS Growth In Malawi, But Upselling To Be A Challenge 43
June 18: Fitch Solutions Inc: Orange Africa Telecoms Expansion To Be Measured And Target High Value Markets 43
June 17: Fitch Solutions Inc: Americas Long-Term Copper Mine Development Outlook Remains Robust 43
June 16: Fitch Solutions Inc: Thailand To Speed Up Development And Local Production Of Active Pharmaceutical
Ingredients 44
June 16: Fitch Solutions Inc: Multichoice Looks To OTT Players To Boost South African Pay-TV Appeal 44
June 15: Fitch Solutions Inc: Serbia IT Spending To Rebound Post-Covid, With Cloud And E-Commerce In Focus 44
June 12: Fitch Solutions Inc: Asia Autos: Key Markets Struggle With Covid-19 Impact 44
June 11: Fitch Solutions Inc: Hong Kong EV Sales To Expand In 2020 Despite Rising Risks 44
June 11: Fitch Solutions Inc: Puerto Rico To Remain A Key Pharmaceutical Manufacturing Hub 45

Fitch Solutions Inc
Index (continued)
June 11: Fitch Solutions Inc: Colombia And Covid-19: Impact On Consumer Sector 45
May 2020:
May 29: Fitch Solutions Inc: Hungary's Dental Tourism To Take A Hit Due To Covid-19 45
May 28: Fitch Solutions Inc: Bullish UAE Upstream Outlook Intact Despite Covid-19 Headwinds 45
May 27: Fitch Solutions Inc: Covid-19 To Rout Pakistan's Refining Activity, Fuel Demand 45
May 27: Fitch Solutions Inc: Covid-19 Pandemic Exposed Over-Reliance On China For Pharmaceutical Raw
Materials 46
May 27: Fitch Solutions Inc: Peru Copper Mine Production To Pick Up As Reopening Begins 46
May 25: Fitch Solutions Inc: Operational Risks Causing Serious Cracks In Algeria's Vehicle Production Industry 46
May 22: Fitch Solutions Inc: Chinese Financing For Budapest-Belgrade Railway Signifies Further Expansion Of BRI
Into Europe 46
May 22: Fitch Solutions Inc: Demographics And Industrial Expansion To Drive Bangladesh Buildings Sector 46
May 20: Fitch Solutions Inc: Caribbean: Alcohol Segment Heavily Exposed To The Impact Of Covid-19 47
May 11: Fitch Solutions Inc: Covid-19 Alcohol Update: Opportunities In Australia For Foreign Alcohol Exporters 47
May 11: Fitch Solutions Inc: Weakening Currency To Make Car Ownership In Pakistan Increasingly Unobtainable 47
May 07: Fitch Solutions Inc: Israel Is Among The Countries With The Most Effective Responses To The Covid-19
Pandemic 47
May 07: Fitch Solutions Inc: Chile And Covid-19: Impact On Consumer Sector 48
May 07: Fitch Solutions Inc: Global LNG Supply Set For Mid-20s Boom 48
May 06: Fitch Solutions Inc: Colombia To Lower Oil Output Amid The Collapse In Prices 48
May 05: Fitch Solutions Inc: Kenya 5G: Regulatory Support And Operator Investment Lift Deployment Outlook 48
April 2020:
April 06: Fitch Solutions Inc: Headwinds To SUV Sales In The UK 48
March 2020:
March 25: Fitch Solutions Inc: Healthcare Expenditure To Increase In Latin America Due To Covid-19 49
March 19: Fitch Solutions Inc: Concessions To Support Camtel's Growth In Cameroon's Broadband Market 49
March 19: Fitch Solutions Inc: Egypt: An Attractive Consumer Profile To Investors 49
March 19: Fitch Solutions Inc: Covid - 19: Forecast Revisions For Consumer Spending In South Korea 49
March 18: Fitch Solutions Inc: South Korea's Healthcare Market Forecast Revised Upwards 50
March 18: Fitch Solutions Inc: Sales Increases Highlight Growing Importance Of Biosimilars For Stada 50
March 17: Fitch Solutions Inc: Chinese Healthcare Market Forecast Revised Upwards 50
March 12: Fitch Solutions Inc: Gamers The Next Growth Opportunity For Telcos In Asia 50
March 10: Fitch Solutions Inc: South African Government Measures Offer Significant Upside To Private Renewables
Sector 50
March 10: Fitch Solutions Inc: Iraq's Medical Device Forecast Revised Upwards 51

Fitch Solutions Inc
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Fitch Solutions Inc

Private Company Research Report

Fitch Solutions Inc

Website https://www.fitchsolutions.co Activities 1

Board and Management 3

Our foundation is built on a history of credit, macro and Index 52

www.BuySellSignals.com Index at end of this Report.

Fitch Solutions Inc

Estimated Net Worth: Pound29.9M

Estimated Assets: Pound105.0M

Estimated Liabilities: Pound75.5M

Estimated Cash: Pound500.7k

BuySellSignals Private Company Research Report

Board and Management

BuySellSignals Private Company Research Report

Business News Round Up

Fig 5: Press Releases: 2021

Source: Company Website

Source: Company Website

Fig 6: Other News: 2021

Source: Company Website

BuySellSignals Private Company Research Report

Business News Round Up (continued)

Source: Company Website

Source: Company Website

Source: Company Website

BuySellSignals Private Company Research Report

Business News Round Up (continued)

Declining government budget will delay necessary healthcare reforms.

Source: Company Website

Chile is set to move ahead of Mexico to.

Source: Company Website

Source: Company Website

BuySellSignals Private Company Research Report

Business News Round Up (continued)

Political scandal and Covid-19 crisis will allow more c.

Source: Company Website

The decision by the c.

Source: Company Website

Tanzania's government continues to invest heavily in the healthcare sector.

Digital health can help tackle some workplace inefficiencies.

Source: Company Website

Source: Company Website

BuySellSignals Private Company Research Report

Business News Round Up (continued)

Source: Company Website

Chile is the first country in Latin America to begin vaccinating against.

Source: Company Website

Source: Company Website

Source: Company Website

Source: Company Website

BuySellSignals Private Company Research Report

Business News Round Up (continued)

Digital health will continue to strengthen healthcare operations in Taiwan.

Digital health partnerships are likely to increase in frequency in the future.

Source: Company Website

Fig 7: Press Releases: 2020

Source: Company Website

Source: Company Website

Source: Company Website

BuySellSignals Private Company Research Report

Business News Round Up (continued)

Source: Company Website

Source: Company Website