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South African voters deliver a clear mandate to Ramaphosa
Weekly investor research
13 May 2019
With the general election out of the way, President Cyril Ramaphosa finally has a clear mandate to re-inject momentum into the reform process in South Africa. The political situation has also cleared up in Thailand, while the latest economic data suggests that China is well-placed to handle last week’s escalation in the Trump-instigated trade war. Growth slowed in the Philippines, but this is likely to be temporary due to delayed government spending. In Argentina, Cristina Kircher’s support appears to be waning, while Maduro now looks more secure in Venezuela. Pakistan finally submitted a formal request for an IMF program. In the global backdrop section, we highlight the growing economic risks to the US outlook arising from last week’s hike in trade taxes.