Country Ranking Model - August 2023
August Country Rankings
Chile (#1):
Chile remains in first place this month. The country’s economic activity is picking up from its lows earlier this year with the economy expanding in June on a surge in mining. Additionally, the country’s central bank is increasingly dovish as inflation heads back toward target. With inflation falling to 6.4% in July from 7.6% in June, the central bank of Chile responded by cutting rates by a full percentage point.
Poland (#2):
Poland is the top-performing country in our universe year to date as reflected in its first-place momentum ranking. Poland has a current account balance that, on a 12-month rolling basis is approaching 0% of GDP as the country benefits from a sizeable improvement in terms of trade. Like Chile, Poland’s central bank is becoming increasingly dovish, and while rate cuts have not begun, they are anticipated in September.
Brazil (#3):
Brazil is plentiful in natural resources and is one of the biggest exporters of a variety of commodities including bauxite, gold, iron ore, manganese, nickel, phosphates, platinum, tin, uranium, petroleum and timber. With the global economy proving to be more resilient than expected and with many commodities in a deficit of supply, we believe Brazil can continue to outperform the global benchmark.
Country Performance:
Data as of 7.31.2023
Source: MSCI
Country Ranking Model
As of 7.31.2023
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