Embarking on a comprehensive reform program carries short-term costs, primarily higher inflation
leading to weakened affordability. However, there are strong political grounds for the crystalisation of
investment reforms such as facilitating land allocation, devising tax and non-tax incentives, and the
incorporation of SMEs into the formal economy, among others. This should present a fertile ground for a
broader recovery in growth and employment, however, this is more likely to become evident towards the end of
2017 – a year in which marco KPIs will rebalance. In the meantime, themes we choose to focus on include:
increased competitiveness of exporters, growth in consumer banking, revival of energy resources
(especially natural gas) and a universal healthcare system in the works.