Pub date: 29 Feb 2012 Middle East / Bahrain Business Forecast Report
Core Views E levated oil prices, an increase in government spending and financial support from Saudi Arabia should help bolster growth though 2012. That said, a weak outlook for the domestic touris... Read More
Pub date: 02 May 2012 Middle East / Iran Business Forecast Report
Core Views Despite heightened rhetoric, we do not believe Iran's threats to close the Strait of Hormuz are credible. Any cut-off in oil export receipts would hit the economy hard, and the governmen... Read More
Pub date: 29 Feb 2012 Middle East / Iraq Business Forecast Report
Core Views Despite the successful formation of a government in December 2010, we expect political progress to remain slow and stability to remain fragile. A broken power-sharing agreement, withdraw... Read More
Pub date: 28 Mar 2012 Middle East / Israel Business Forecast Report
Core Views Elevated risks of instability in Israel's neighbours, including Jordan, Lebanon, Syria, and the West Bank and Gaza, have raised political risks, and investors' risk appetite may be tempe... Read More
Pub date: 28 Mar 2012 Middle East / Jordan Business Forecast Report
Core Views We maintain that Jordan's long-term political outlook is among the most stable in the region owing to a series of political and economic reforms undertaken by the government in recent ye... Read More
Pub date: 02 May 2012 Middle East / Kuwait Business Forecast Report
Core Views We retain our broadly sanguine outlook on Kuwait's economic prospects for 2012. Elevated global hydrocarbon prices will allow the government to keep fiscal spending high, driving domesti... Read More
Pub date: 28 Mar 2012 Middle East / Yemen Business Forecast Report
Core Views Government spending will be the primary driver of Oman's growth momentum over the medium term. With oil prices set to remain high throughout the year, and room in the government's budget... Read More
Pub date: 28 Mar 2012 Middle East / Qatar Business Forecast Report
Core Views Qatar's short-term political risk profile remains among the most stable in the region. Despite enjoying little in the way of democratic freedom, Qataris benefit from massive hydrocarbon ... Read More
Pub date: 29 Feb 2012 Middle East / Saudi Arabia Business Forecast Report
Core Views T he announcement in early 2011 by Saudi Arabia’s King Abdullah of a further US $110bn in economic stimulus measures highlights the government’s growing concerns about the need to shore ... Read More
Pub date: 02 May 2012 Middle East / United Arab Emirates Business Forecast Report
Core Views The UAE's reputation as a 'safe haven' in a volatile region will continue to serve the economy well, although growth will begin to suffer in early 2012 as global headwinds pick up. Dele... Read More
Pub date: 15 Mar 2010 Global Special Report
The report examines the main threats to amicable China-US relations, and outlines three scenarios for the coming decade.... Read More
Pub date: 04 Feb 2010 Global Special Report
EM To Outperform After years of progress on regulatory reform, macroeconomic restructuring and institutional convergence following the painful events of the Asian and Russian c... Read More
Pub date: 14 Feb 2011 Global Special Report
The Challenge Of Rising Commodity Prices A combination of improving economic growth, loose monetary policy, and supply-side considerations from tight commodity markets is boosting consumer prices ... Read More
Pub date: 15 Mar 2010 Global / Middle East Special Report
Tensions Rising Over Iran International tensions over Iran's nuclear programme are rising following the announcement in February by President Mahmoud Ahmadinejad that the Islamic Republic ... Read More
Pub date: 18 Mar 2011 Global Special Report
A Country In Crisis The Worst Disaster Since World War ll Japanese Prime Minister Naoto Kan has described the March 11 devastating earthquake and its aftermath as the country's worst disaster ... Read More
Pub date: 11 Aug 2011 Global Special Report
Economic growth in the US, Japan and the eurozone is faltering, putting the global economy on the verge of another recession. In this special report, Business Monitor International (BMI) assesses the ... Read More
Pub date: 04 Mar 2011 Global Special Report
History In The Making The wave of popular protests that has swept across the Middle East and North Africa (MENA) since January constitutes the biggest shake-up to the region for at least a generat... Read More
Pub date: 07 Mar 2012 Global Special Report
BMI View: Poor visibility on global macro prospects suggests that a purely top down approach could be insufficient in unearthing investment opportunities in 2012. In this article, we outline the ... Read More
Pub date: 13 Dec 2011 Global / North America Special Report
BMI examines the outlook for global private consumption over the next 10 years, and picks key emerging market and industry outperformers.... Read More
Pub date: 06 Jul 2011 Global Special Report
Executive Summary Where Next For The World Economy? Risks And Scenarios For The Recovery The risks to the global economy are mounting, following the earthquake and tsunami in Japan in March and... Read More
Pub date: 18 Jan 2011 Global Special Report
The global economic healing process is gaining momentum, and while risks abound as ever, we expect 2011 to herald a broadening and deepening phase of the recovery. Emerging markets are again set to... Read More
Pub date: 18 May 2012 Global Regional Monitor
Emerging Markets Monitor provides weekly analyses, forecasts and ratings on fixed income, foreign exchange, commodities, bonds, equities and funds across global markets, all backed by Business Monito... Read More
Pub date: 02 May 2012 Global Regional Monitor
Coverage includes BMI's Country Risk and Financial Markets team's global outlook, with unrivalled coverage of developed states, as well as key regional and country-by-country stories of emerging state... Read More
Pub date: 03 May 2012 Global Regional Monitor
Middle East Monitor, East Med each month provides country-by-country analyses, ratings and forecasts covering political risk, economic performance, key industries, finance and the business environment... Read More
Pub date: 03 May 2012 Global Regional Monitor
Middle East Monitor, The Gulf each month provides country-by-country analyses, ratings and forecasts covering political risk, economic performance, key industries, finance and the business environment... Read More
Pub date: 12 Apr 2012 Middle East / Bahrain Autos Industry Report
The political situation in Bahrain appears to be becoming the dominant factor in any reading of the country. A determined uprising, in part inspired by the Arab Spring, but also by a degree of Shi'a/... Read More
Pub date: 19 Apr 2012 Middle East / Bahrain Commercial Banking Industry Report
Banking Sector: Holding Up Despite Difficult Backdrop BMI View: We are forecasting a slow and steady expansion in Bahrain's retail banking sector in 2012, with the aggregate balance sheet for the in... Read More
Pub date: 16 Mar 2012 Middle East / Bahrain Consumer Electronics Industry Report
Bahrain's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV devices, is forecast at US$632mn in 2011. This is expected to increase t... Read More
Pub date: 03 May 2012 Middle East / Bahrain Food & Drink Industry Report
Our current outlook on Bahrain's consumer sector is cautiously optimistic, as consumer confidence looks like it is beginning to regain some strength. Bahrain's economy will continue gathering steam t... Read More
Pub date: 10 Feb 2012 Middle East / Bahrain Freight Transport Industry Report
Expansion work on the King Fahd Causeway, connecting Bahrain with Saudi Arabia, was due to start in 2011, according to press reports in August 2010. The work will enable the road to handle 100mn pas... Read More
Pub date: 03 Feb 2012 Middle East / Bahrain Information Technology Industry Report
Market Overview The total size of the Bahrain IT market in 2010 is estimated by BMI at nearly US$314mn, up from US$280mn in 2009. BMI expects a market compound annual growth rate (CAGR) of 7% for 20... Read More
Pub date: 03 Jan 2012 Middle East / Bahrain Infrastructure Industry Report
Despite a relative calming of tensions in Bahrain, uncertainty persists continue to undermine investor confidence in Bahrain’s previously stable construction market. The tumultuous events in 2011 hav... Read More
Pub date: 20 Apr 2012 Middle East / Bahrain Insurance Industry Report
Key Insights And Key Risks The latest results and comments indicate that 2011 was a highly challenging, but not universally disastrous, year for Bahrain's insurance sector. We believe that premiums ... Read More
Pub date: 27 Apr 2012 Middle East / Bahrain Oil & Gas Industry Report
BMI View: Bahrain has a far smaller oil and gas resource base than its neighbours, but is a leading regional refined products exporter. In the coming decade, the country may begin importing LNG, but ... Read More
Pub date: 22 Mar 2012 Middle East / Bahrain Pharmaceuticals & Healthcare Industry Report
BMI View: Bahrain is a developed pharmaceutical market with patented drug spending accounting for over 83% of the total pharmaceutical expenditure in 2011. However, political unrest has dented invest... Read More
Pub date: 16 Mar 2012 Middle East / Bahrain Real Estate Industry Report
The commercial real estate market in Bahrain continues to suffer the fallout from the global financial crisis and unrest that swept through the country in early 2011. It has been one of the slowest G... Read More
Pub date: 05 Apr 2012 Middle East / Bahrain Retail Industry Report
BMI's Q212 Bahrain Retail Report forecasts that the country's retail sales will rise from an expected BHD0.59bn (US$1.56bn) in 2012 to BHD0.80bn (US$2.11bn) by 2016, boosted by a growing interest in ... Read More
Pub date: 19 Apr 2012 Middle East / Bahrain Shipping Industry Report
For the time being, we are happy to stick to our projections which see Bahrain's real GDP expanding 0.9% and 1.3% in 2011 and 2012 respectively. We expect throughput growth at the country's ports to ... Read More
Pub date: 02 Mar 2012 Middle East / Bahrain Telecommunications Industry Report
BMI's Q212 update to the Bahraini Telecommunications report contains analysis and five-year forecasts for the country's mobile, fixed-line and internet sectors based on full-year 2011 market data pub... Read More
Pub date: 03 May 2012 Middle East / Bahrain Water Industry Report
BMI View: The sense of panic that prevailed in Bahrain through much of 2011 has dissipated. This is clearly a positive development for the country's water sector, which is heavily dependent on intern... Read More
Pub date: 19 Apr 2012 Africa / Egypt Water Industry Report
BMI View: While the broader political challenges facing Egypt are considerable, with no real clarity over a future government's attitude to private water provision, there were some tentative signs th... Read More
Pub date: 03 Apr 2012 Middle East / Iran Agribusiness Industry Report
BMI View: The prospect of prolonged sanctions against Iran will be in the spotlight over the next few quarters. In addition to affecting the country's economic development, the impact on agriculture ... Read More
Pub date: 12 Apr 2012 Middle East / Iran Autos Industry Report
Given the hard-line stance of the regime, along with the West's unwillingness to use military force, we expect economic sanctions on Iran to remain in place. However, these sanctions have resulted in... Read More
Pub date: 02 Mar 2012 Middle East / Iran Commercial Banking Industry Report
BMI View: It is becoming increasingly inevitable that Iranian banks will be forced to significantly restructure their debts if they are to avoid outright default. As a result of ongoing political and... Read More
Pub date: 16 Mar 2012 Middle East / Iran Consumer Electronics Industry Report
Iran's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is forecast to be worth around US$9.6bn in 2... Read More
Pub date: 25 Apr 2012 Middle East / Iran Defence & Security Industry Report
By the end of March 2012 it was still unclear whether the crisis surrounding Iran's nuclear programme would reach a diplomatic or military conclusion. Having just held talks with the US president, B... Read More
Pub date: 23 Mar 2012 Middle East / Iran Freight Transport Industry Report
The Iranian freight transport sector continues to be affected by the effect of the Western sanctions against the country's primary companies and maritime facilities. Double-digit throughput growth at... Read More
Pub date: 30 Apr 2012 Middle East / Iran Infrastructure Industry Report
BMI View: Due to rising inflation, estimated above 20%, we have adjusted Iran's construction industry forecast down to -3% for 2012. This pattern is expected to be maintained until 2016, after which ... Read More
Pub date: 04 Apr 2012 Middle East / Iran Insurance Industry Report
Key Insights And Key Risks As of early 2012, the data published by Bimeh Markazi Iran, the insurance regulator, suggests that total premiums increased by 27% in Iranian year 1389, which ended in Mar... Read More
Pub date: 04 Apr 2012 Middle East / Iran Metals Industry Report
The international sanctions regime is severely curtailing Iran's trade in steel, which is boosting short-term output but will threaten the expansion of the domestic industry in the long-term, accordi... Read More
Pub date: 04 May 2012 Middle East / Iran Oil & Gas Industry Report
BMI View: One of the world's largest resource holders of oil and natural gas, Iran is a significant producer of both. However, international sanctions have significantly dented the country's short to... Read More
Pub date: 02 Mar 2012 Middle East / Iran Petrochemicals Industry Report
The Iranian government's ambitious plans for a 37mn tpa increase in petrochemicals capacity in 2010- 2015 look set to be dashed by a combination of slower domestic growth and a crippling internationa... Read More
Pub date: 17 Feb 2012 Middle East / Iran Pharmaceuticals & Healthcare Industry Report
BMI View: We continue viewing Iran as one of the less attractive regional markets. Imposition of more stringent international sanctions, rampant inflation, and the loss of confidence in the Iranian ri... Read More
Pub date: 27 Apr 2012 Middle East / Iran Power Industry Report
BMI View: Plans to develop Iran's nuclear capacity are central to the country's power industry and its ability to meet its energy requirements. Given huge international resistance, there is no certai... Read More
Pub date: 28 Mar 2012 Middle East / Iran Shipping Industry Report
Double-digit throughput growth at the primary Iranian port of Bandar Abbas appears to have come to an end, as US sanctions against the pariah state's shipping sector continue to strengthen. The count... Read More
Pub date: 24 Apr 2012 Middle East / Iran Telecommunications Industry Report
BMI's Q212 Iraqi telecommunications market report provides a comprehensive overview of the latest developments to occur within the country's mobile, fixed-line telephony and internet sectors. Our new... Read More
Pub date: 04 May 2012 Middle East / Iraq Defence & Security Industry Report
While the instability that threatens Iraq both internally and externally has hardly abated, there were some positive signs in early 2012 that the country would not succumb to some of the worst-case s... Read More
Pub date: 27 Apr 2012 Middle East / Iraq Infrastructure Industry Report
BMI View: According to the latest data released by the Central Organisation for Statistics, Iraq's construction sector has been booming. The data confirms our optimistic outlook for the sector, and ... Read More
Pub date: 03 May 2012 Middle East / Iraq Oil & Gas Industry Report
BMI View: Iraq has the greatest potential for oil production growth in the Middle East region. We forecast of up to 8mn b/d of crude output by the end of the forecast period in 2021, in line with Bag... Read More
Pub date: 13 Apr 2012 Middle East / Iraq Pharmaceuticals & Healthcare Industry Report
BMI View: The Iraqi government aims to encourage more foreign investment in the country's healthcare system, with a recent report suggesting the management and operation of hospitals and specialist c... Read More
Pub date: 14 May 2012 Middle East / Iraq Telecommunications Industry Report
BMI's Q212 Iraqi telecommunications market report provides a comprehensive overview of the latest developments to occur within the country's mobile, fixed-line telephony and internet sectors. Our new... Read More
Pub date: 03 Feb 2012 Middle East / Israel Autos Industry Report
2011 was a strong year for new car sales in Israel, in line with BMI’s expectations. Looking at January- November data (the most recent available), new vehicle sales stood at a total of 222,133, acco... Read More
Pub date: 03 May 2012 Middle East / Israel Commercial Banking Industry Report
BMI View: We expect asset growth within Israel's commercial banking sector to drop off in the coming quarters as the domestic economy runs into a soft patch, forecasting total asset growth to fall to... Read More
Pub date: 30 Mar 2012 Middle East / Israel Consumer Electronics Industry Report
Israel's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV products, is forecast at around US$3.3bn in 2011. Spending is expected to... Read More
Pub date: 18 May 2012 Middle East / Israel Defence & Security Industry Report
While the Arab Spring has raised hopes for a new more democratic and more peaceful Middle East for many in Israel, the overthrow of the country’s erstwhile ally in Egypt and disruption of the region’... Read More
Pub date: 12 Dec 2011 Middle East / Israel Food & Drink Industry Report
Household expenditure has grown over recent years, stimulated by the strong domestic food production industry and high per capita incomes, as well as by the expansion of modern retailing. However, as... Read More
Pub date: 19 Apr 2012 Middle East / Israel Freight Transport Industry Report
Israel's freight transport sector had mixed results in 2011. On H111 figures we estimate that both air and rail freight endured contractions in volumes over the course of the year, though the Port of... Read More
Pub date: 03 Apr 2012 Middle East / Israel Information Technology Industry Report
BMI View: Israeli IT spending is expected to reach US$6.1bn in 2012, up 6%, consolidating a recovery in 2011 from the impact of the global economic situation. Spending on IT products and services is ... Read More
Pub date: 21 Nov 2011 Middle East / Israel Infrastructure Industry Report
BMI View: Infrastructure and construction indicators from the national statistics office point to a strong rebound in the first months of 2011, corroborating our 2011 forecast for real growth of 4.2%... Read More
Pub date: 25 Nov 2011 Middle East / Israel Insurance Industry Report
Key Insights And Key Risks Israel’s complex geo-political history is reflected in the structure of the insurance sector. Although the trade associations identify 14 different players, the majority o... Read More
Pub date: 04 May 2012 Middle East / Israel Oil & Gas Industry Report
BMI View: Israel presents one of the most exciting hydrocarbon growth stories in the Middle East. While gas production is set to rocket, strong potential also exists for oil, both in the form of deep... Read More
Pub date: 02 Mar 2012 Middle East / Israel Petrochemicals Industry Report
Israel's domestic chemicals and plastics market will not be immune to the slowdown in the global economy in 2012, according to BMI's latest Israel petrochemicals report. Israel's slowing growth is t... Read More
Pub date: 16 Mar 2012 Middle East / Israel Pharmaceuticals & Healthcare Industry Report
BMI View: Following widespread protests in mid-2011, the Israeli government has been under significant pressure to spend more on housing, healthcare and education. While it was not about to tear dow... Read More
Pub date: 09 Mar 2012 Middle East / Israel Real Estate Industry Report
BMI is optimistic about the prospects for Israel's commercial real estate sector over the next five years: In general, demand is growing, leading to high occupancy rates and increasing rents. Th... Read More
Pub date: 13 Apr 2012 Middle East / Israel Retail Industry Report
BMI's Q212 Israel Retail Report forecasts that the country's retail sales will grow from an expected ILS153.84bn (US$42.91bn) in 2012 to ILS199.70bn (US$55.71bn) in 2016. Key factors behind this gro... Read More
Pub date: 28 Mar 2012 Middle East / Israel Shipping Industry Report
BMI View Israel's ports continue to enjoy healthy growth, and are projected to do so over the mid term. It remains to be seen, however, how ongoing uncertainties in the country's key export markets ... Read More
Pub date: 13 Jan 2012 Middle East / Israel Telecommunications Industry Report
BMI has introduced a new quarterly format for reporting on developments in Israel's telecommunications market. Our first quarterly report for Q112 contains revised and extended forecasts that predict... Read More
Pub date: 05 Dec 2011 Middle East / Lebanon Insurance Industry Report
Key Insights And Key Risks At first glance, it is obvious that many of the weaknesses that are common to (almost) all the national insurance markets of the Middle East & North Africa (MENA) region f... Read More
Pub date: 04 May 2012 Middle East / Jordan Commercial Banking Industry Report
BMI View: We expect asset growth in Jordan's commercial banking sector to remain weak throughout 2012 on the back of a slowing domestic economy, and forecast both deposit and credit growth to fall s... Read More
Pub date: 10 Jan 2012 Middle East / Jordan Defence & Security Industry Report
In 2011 BMI estimates that defence spending fell by 1.12% in Jordanian dinar terms, to JOD1.01bn. This fall is viewed as temporary, however, and in fact only represents a fall to 5.46% of GDP being s... Read More
Pub date: 17 Feb 2012 Middle East / Jordan Pharmaceuticals & Healthcare Industry Report
BMI View: Regionally speaking, Jordan’s pharmaceutical market will continue to be viewed as a moderately attractive destination for foreign drugmakers. The country has a well-developed local pharmac... Read More
Pub date: 13 Mar 2012 Middle East / Jordan Telecommunications Industry Report
BMI's analysis of the Jordanian telecoms market this quarter incorporates market data published by the telecoms regulator the Telecommunications Regulatory Commission (TRC) and leading service provid... Read More
Pub date: 12 Apr 2012 Middle East / Kuwait Autos Industry Report
In 2011, a total of 100,100 passenger cars were sold in Kuwait, according to information from the General Directorate of Traffic cited by the Al Qabas newspaper in March 2012. This represented a 27.4... Read More
Pub date: 03 Apr 2012 Middle East / Kuwait Commercial Banking Industry Report
BMI View: Sluggish demand for new credit continues to weigh on the Kuwaiti banking sector, despite a recent upswing in deposit inflows. Persistent disruption to the implementation of government infr... Read More
Pub date: 05 Apr 2012 Middle East / Kuwait Consumer Electronics Industry Report
Kuwait's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is projected at about US$1.1bn in 2012. Th... Read More
Pub date: 18 May 2012 Middle East / Kuwait Defence & Security Industry Report
The influence of the Arab Spring spread to Kuwait in late 2011, as protests that began in September culminated in the storming of parliament in Kuwait City by dozens of demonstrators on November 16. ... Read More
Pub date: 18 May 2012 Middle East / Kuwait Food & Drink Industry Report
We remain broadly confident about Kuwait's growth prospects in 2012 despite the increasingly foreboding external environment. We expect that heavy government spending will continue driving a robust ... Read More
Pub date: 03 Apr 2012 Middle East / Kuwait Freight Transport Industry Report
Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this largely to be achieved in 2012, with only total tonnage throughput at Sh... Read More
Pub date: 03 Apr 2012 Middle East / Kuwait Information Technology Industry Report
BMI View: Kuwait IT spending is expected to reach US$939mn in 2012, up 9%, with BMI upwardly revising its forecast after the PC market reported stronger than expected growth in 2011. Kuwait, the thi... Read More
Pub date: 16 Feb 2012 Middle East / Kuwait Infrastructure Industry Report
BMI View: Given the precedent for political gridlock and the resulting project delays, foreign investor and private sector players remain wary of Kuwait’s infrastructure market, despite large public ... Read More
Pub date: 13 Apr 2012 Middle East / Kuwait Insurance Industry Report
Key Insights And Key Risks In theory, Kuwait should be home to one of the Middle East's leading insurance sectors. Thanks to energy exports, the economy has consistently performed well over the long... Read More
Pub date: 04 May 2012 Middle East / Kuwait Oil & Gas Industry Report
BMI View: One of OPEC's key oil producers, Kuwait's rise in output will be relatively slow and steady. We see Kuwait producing around 3.5mn b/d by 2021, although a substantial rise in oil consumption... Read More
Pub date: 24 Feb 2012 Middle East / Kuwait Petrochemicals Industry Report
Kuwait’s petrochemical industry is vulnerable to its exposure to the Asian market, particularly China which is its main customer, its narrow product range and dependence on naphtha could lead to an e... Read More
Pub date: 16 Mar 2012 Middle East / Kuwait Pharmaceuticals & Healthcare Industry Report
BMI View: While Kuwait will continue to be of interest to multinational drugmakers - on account of traditional preference for branded medicines and the population's wealth - we caution that strengthe... Read More
Pub date: 03 May 2012 Middle East / Kuwait Power Industry Report
BMI View: Nuclear energy seems to have dropped out of contention for Kuwait, so in the near- to medium-term the country will be dependent almost exclusively on oil and gas. Much of the planned new g... Read More
Pub date: 11 May 2012 Middle East / Kuwait Real Estate Industry Report
The outlook for Kuwait's real estate sector remains positive. The market is recovering, backed by increased government spending and robust economic growth. The most recent full year data from 2011 c... Read More
Pub date: 13 Apr 2012 Middle East / Kuwait Retail Industry Report
BMI's Q212 Kuwait Retail Report forecasts that the country's retail sales will grow from an expected KWD2.36bn (US$8.78bn) in 2012 to KWD3.52bn (US$13.10bn) by 2016, despite the persistence of small... Read More
Pub date: 03 Apr 2012 Middle East / Kuwait Shipping Industry Report
Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this largely to be achieved in 2012, with only total tonnage throughput at Sh... Read More
Pub date: 30 Mar 2012 Middle East / Kuwait Telecommunications Industry Report
BMI's Q212 update on Kuwait's telecommunications market contains the latest sector news and developments, as well as financial indicators published by the two largest operators, Zain and secondranked... Read More
Pub date: 12 Dec 2011 Middle East / Lebanon Food & Drink Industry Report
Lebanon's economy is set to slow through 2011 and into 2012 as a combination of elevated commodity prices and a spike in political risk weighs on consumption and investment patterns. Headline food c... Read More