13 December 2023 Happy Holidays! Another challenging year is coming to a close. Yes, the US (and global) economy defied expectations of recession. True, the S&P 500 has recorded a 20% gain. However, the rally was narrow: only technology outperformed the market. Indeed, of the 8 market sub-sectors, only tech, industrials, and financials posted positive [...]
7 August 2023 Africa has underperformed economically for a long time. Per capita GDP has risen less than 1% annually during the past 30 years (chart below); lagging all other emerging market regions during this period (although Latam has also slowed in the past decade). During this interval, meanwhile, output per person in the advanced [...]
2 November 2022 Indeed, Brazil's election result was historic. Not only was former President Lula da Silva returned to power (by an unexpectedly narrow margin), but Jair Bolsonaro's defeat was the first by an incumbent since the country returned to democracy. Despite earlier threats to challenge the election outcome, President Bolsonaro and his supporters appear [...]