Providing integrated macroeconomic and capital markets insight across South Africa and emerging markets to support better investment, funding and policy decisions
Krutham’s macroeconomics and capital markets practice helps clients navigate the intersection of policy, politics and market dynamics. We combine rigorous economic modelling and analysis with deep capital markets and political economy expertise to explain what market developments mean in practice for balance sheets, investment strategies, asset prices and reform agendas. Our work spans market outlooks, scenario analysis and real-time commentary, as well as structured advisory and retained support to boards, c-suite executives and public sector leaders, alongside bespoke advisory on fiscal anchors, debt dynamics, market structure, regulation and sustainable finance. We focus on translating complex market dynamics into decision-relevant insight for organisational strategy, investment committees and policy processes.
We help clients understand how macro, politics and regulation interact in practice, and what this means for pricing, liquidity and risk. This enables a shift from “what is happening” to “what should we do about it”.
Policy, politics and markets in one frame
We provide an integrated view of macroeconomics, politics, policy and markets. Drawing on deep political economy expertise, we bring together fiscal and monetary decisions, parliamentary and legislative developments, reform progress, political cycles and institutional constraints to produce realistic scenarios and market outcomes rather than purely technical forecasts.
Cutting through uncertainty in moments that matter
We support clients navigating periods of elevated uncertainty, where macro conditions, reform agendas, political dynamics and global developments collide. Our work helps decision makers identify risks and opportunities early, understand policy implications and position themselves as informed first movers rather than reactive followers. We provide hands-on support around major government transitions, reform milestones, GNU dynamics, foreign policy shifts and geopolitical events, helping clients interpret what is changing, what matters now and how to respond.
Data-rich, research-led
We combine market data, issuer fundamentals, regulatory documents and primary research with analysis of investors, banks and regulators. This enables us to move beyond headline data to understand market sentiment, structural frictions and where mispricing or opportunity may lie.
From baseline to scenario thinking
We build clear baselines for growth, inflation, interest rates, fiscal dynamics and exchange rates, then layer structured scenarios around key macro, political and market risks. Clients see not just the central case but how different combinations of shocks affect capital flows, funding conditions and credit outcomes.
Subscription research to bespoke projects
Our flagship capital markets research subscription provides real-time insights, scenario analysis, reform tracking and webinars for investors, policymakers and market participants, while bespoke projects support specific transactions, strategies or regulatory reforms.
From analysis to implementation
We support clients not only with written research but with strategy development, framework design and stakeholder engagement. This includes green, social and sustainability bond frameworks, funding strategies, investor engagement materials and support to exchanges and regulators on new instruments and market rules.
Trusted partner to investors and financial institutions
We work with banks, asset managers and hedge funds as a long-term macro and markets partner, providing political economy and reform insight that feeds directly into investment strategy, asset allocation, funding decisions and risk management.
Supporting policy, reform and market development
We advise governments, regulators, development agencies and organised business on macro-fiscal strategy, structural reforms, just energy transition and infrastructure policy, helping align reform agendas with macro stability, investor confidence and sustainable growth.
Insight across the real economy and financial system
Our work spans labour markets, households, trade and investment, infrastructure and financial sector development, combining detailed micro evidence with a system-wide macro and market framing to support both public and private sector decision making.
Real-time insight when it matters most
Clients rely on us for timely analysis and rapid responses to major data releases, budgets, MPC meetings, ratings actions, parliamentary developments and political events, supported by direct access to senior analysts for follow-up, interpretation and bespoke analysis.
Macroeconomic and market research
Baseline and scenario forecasts for growth, inflation, interest rates and exchange rates
Macro-fiscal analysis, debt dynamics and funding sustainability
External balances, capital flows and macro-financial transmission
Capital markets research and subscriptions
Real-time political economy and capital markets research subscriptions
Coverage of budgets, MPC decisions, elections, parliamentary processes and ratings developments
Thematic research on sovereign risk, SOEs, banking sector trends and regulation
Political economy, reform and risk advisory
Political and policy risk analysis and scenario mapping
Reform tracking and assessment of reform agendas across energy, logistics, labour markets and SOEs
Support for policy design, consultation processes and stakeholder engagement
Debt capital markets and funding strategy
Funding strategy advice for sovereigns, sub-sovereigns, SOEs and financial institutions
Yield curve, spread and investor base analysis to inform issuance and liability management
Design and assessment of funding structures, including blended finance and catalytic capital
Market structure and regulatory advisory
Advisory on listing rules, disclosure requirements and market conduct frameworks
Regulatory impact analysis across banking, insurance, asset management and market infrastructure
Support to regulators and exchanges on market development strategies and new instruments
Communication and stakeholder support
Board, executive and investor presentations on macro and market themes
Briefing packs and talking points for engagements with regulators, investors and rating agencies
Training and masterclasses for boards and senior teams on markets, regulation and investor expectations