Macroeconomics and capital markets

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.

The Krutham approach

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.

Proven results

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.

Comprehensive capabilities

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

Thought leadership

“Macroeconomics is not a neutral backdrop. Policy choices, institutional credibility and reform momentum all show up in funding costs, investment decisions and ultimately in people’s lives.” 

Navigate uncertainty when the stakes are high

We work with investors, institutions and policymakers facing complex, fast-moving environments shaped by economic shifts, policy change and political risk. Our role is to cut through noise, highlight decision-relevant risks and opportunities and provide clear, grounded insight to support organisational strategy, board-level decisions and policy engagement.

Get in touch to discuss how our macroeconomics and capital markets team can support your strategy, funding plans or policy work.