The cloud market has particularly strong growth potential, underpinned by government initiatives and major investment by vendors in infrastructure and human capital. A new cybersecurity law will protect local cloud and hosting players from growing international competition. Growing international concerns about Chinese companies' ability to disrupt and stifle competition will limit the potential growth trajectories of players such as Huawei and Inspur. Softening demand for tablet computers, mitigated by lengthening notebook replacement cycles and the power of smartphones as a computing alternative, weakens the outlook for devices and associated software and services. Low cost smartphones and phablet devices will continue to pose downside risks to household PC penetration in low income areas where price sensitivity remains high. • Improving levels of enterprise PC penetration by industrial sector and region in 2015 suggest that there were significant strides towards PC uptake made during the course of the 12th Five Year Plan (2011-2015). Strong government emphasis on technological development and innovative prowess will continue to keep IT services levels elevated over the short- and medium-terms.

The annual Single Day sale event in November 2017, once again, saw Alibaba shattering sales records. The estimated sales value in 2017 was posted at USD25.3bn, up by 39% y-o-y when compared to the previous record breaking Single's Day sales event in November 2016. Total Single Day sales value across all e-commerce Chinese platforms reached USD38.2bn. Despite the economic slowdown, the underlying market remains strong and Chinese consumer confidence remains high. Notebook PCs and high-end smartphones were the biggest sellers in 2016 and 9M17, with the latter exceeding expectations. Xiaomi saw an uptick in its sales in Q217, growing by almost 20% y-o-y after a dip in Q117. Its latest flagship Mi6 and low-tier models Redmi Note 4X were in high demand. Chinese smartphone vendors Vivo, Oppo, Xiaomi and Huawei have outperformed in 2017, owing to their aggressive price campaigns and innovative devices appealing to mid-range consumers across the country. In addition, Samsung's decision to recall all of its flagship smartphones amid growing safety concerns over the devices' batteries left a gap in 2016/17 that was filled by locally-made products. Apple registered slower growth in 2016 and 2017, but remains in China's top-5 vendors. The new Cybersecurity Law implemented in 2017 could also blunt demand for non-Chinese brands, particularly where data storage and retrieval is a key application for consumers.

China's vast land mass and diverse topography put it among the world's top producers of livestock, grains and rice. Healthy consumption growth across most agricultural categories - excluding the dietary staples such as rice - has helped to keep both private and public investment in the sector high. The fragmented nature of many of China's agricultural sub-sectors provides room for strong production growth without the need for significant increases in acreage. With agriculture accounting for around 11% of GDP and more than 40% of employment, the industry remains a vital contributor to China's economy, ensuring a degree of government protection and favourable investment terms.

While trade growth in Myanmar will slow modestly in 2018, this is attributable to base effects following extraordinarily fast growth seen previously. The general trend over the course of our forecast period to 2022 is for the rapid and ongoing expansion of trade in the country. Trade levels will jump from USD38.7bn in 2018 to USD64bn by end of 2022. Massive investment in infrastructure will provide a boost, given the need to transport the associated goods. Over the longer term, infrastructure investment will support the growth of other sectors as freight transport becomes more efficient. Massive investments by Japanese freight and logistics companies into Myanmar will support the fortunes of the nascent freight forwarding industry out to 2022. Air freight will grow by 3.9%, road freight by 8.40% and rail freight by 0.8% in 2018.

Bulgaria's energy market remains a comparatively challenging place to operate with continued cases of fraud being investigated in both the upstream issuance of licences, and in the transparency of downstream exports. Bulgaria's Commission for Protection of Competition (CPC) opened a formal investigation in February 2016 against seven petrol and diesel fuel retailers in addition to the Neftochim refinery. These retailers are suspected of entering a price-fixing cartel and abusing its dominant market position on the wholesale market. Following the eight month investigation, the CPC said in October 2016 that it had found evidence of a cartel agreement between fuel retailers Shell Bulgaria, OMV Bulgaria, NIS Petrol, Eco Bulgaria, Lukoil Bulgaria and local petrol distributor Petrol. Nevertheless, no mention was made of the Lukoil Neftochim refinery. In May 2017, Neftochim was cleared from the investigation, with no signs of wrongdoing.

Private sector accounts for more than 60% of hospital beds. Largest market in Latin America and ranked among the top-15 markets globally. Above average per capita spending in Latin America but with wide regional variations. Consumables account for the largest market share at more than a quarter of the total market. Moderate market growth in local currency terms from 2018 as the economy regains momentum. Lower market growth in US dollar terms as the real enters another depreciatory trend. Well established local and multinational industry geared to the domestic market. High-tech market is reliant on imports, although local production is growing. Increasing consumer demand for the latest medical technology.

The agricultural sector is responsible for one quarter of global greenhouse gas (GHG) emissions, and will play a central role as the world transitions to a low-carbon future. The livestock sector - and cattle ranching in particular - will be at the forefront of the policy debate, given its outsized contribution to emissions, but the transition will also impact the rest of the sector as governments move to regulate land and fertiliser use and incentivise the production of crop-based biofuels (see 'Environmental Regulation To Tackle Livestock & Fertilisers, Incentivise Biofuels', October 12 2017).

The government of Bosnia's Federation approved BAM64.68mn for the programme of modernization of roads in 2017 in terms of financing from international financial institutions and BAM31.81mn from public funds (Sarajevo Times). Bosnia's Federation signed EUR221mn loan deals with the EBRD to finance road projects, in February 2018 EBRD said it will be investing more than EUR700mn in Bosnian road infrastructure. Bosnia's Autoputevi RS signed a motorway construction deal with Chinese group. Bosnia's Serb Republic launched Banja Luka-Drugovici motorway section (SeeNews). Bosnia's Tuzla International Airport launched a EUR3.1mn expansion project (SeeNews). • Bosnia's Serb Republic railway operator signed a deal with Chinese group for the reconstruction of the Banja Luka-Novi Grad railway line. Chinese interest to build the railway line Vares-Banovici.

Smallest market in Asia Pacific (APAC) region. Per capita spending is one of the lowest in the world. Growth rates are strong, but on the back of a small market size. Diagnostic imaging and other medical devices have the largest market shares. Heavy reliance on imports. Production of medical devices is limited to basic items such as bandages and splints. The middle-class and above enjoy better access to higher quality healthcare compared to the vastly poor population. There is a growing private hospital sector, largely based in Dhaka. One of the largest populations in the world.

Second smallest market in the Middle East and Africa (MENA) region. Smallest market in the Gulf Co-operation Council (GCC). Fifth highest medical device per capita expenditure in the MENA region. Market will record a moderate CAGR. Other medical devices and consumables have the largest market shares. Market heavily reliant on medical device imports, particularly from the EU-28 and the US. Positive demographics, rising health expenditure and healthcare infrastructure developments will drive market growth.