English Contact Login Country Reports Impact Reports Market Reports Economic Reports Expert Insights RESEARCH Home › Investors › Research REPORTS & STUDIES RESEARCH If you want to be successful investing internationally, you need to know the markets, identify the potential and analyse and understand the development of investment areas and economies. ThomasLloyd Research helps you with this, giving you extensive, up-to-date market analyses, information, economic data and country reports. Our experts analyse and evaluate for you the latest developments in the relevant markets and countries, as well as the ecological and social impact of ThomasLloyd’s sustainable investments in real assets. COUNTRY REPORTS IMPACT REPORTS MARKET REPORTS ECONOMIC REPORTS EXPERT INSIGHTS COUNTRY REPORTS In our detailed country reports, you will learn more about the background of the region in order to better understand our projects in the social and economic context and get to know investment regions better on the basis of exciting facts and figures from asset management. COUNTRY REPORT SRI LANKA 2021 With a total land area of 65,610 km², Sri Lanka is the 123rd biggest country in the world. The tropical island’s land mass is distributed across nine different provinces, differing in their population and subsequently, their population density. Sri Lanka is home to roughly 21.9 million people, making it the 58th most populous country in the world. The Country Report on Sri Lanka provides detailed insights into the country's geography, demographics as well as economy, infrastructure and energy market. Download the report COUNTRY REPORT BANGLADESH 2021 With a population of 164,689,000 people, Bangladesh is the most densely populated country in the world (excluding countries with a land mass of less than 10,000 km²). The country’s sustained population growth is expected to continue, with the population potentially exceeding 210 million people by 2050. The capital city of Bangladesh is Dhaka, a so-called megacity with a predicted 28 million inhabitants by 2030. The Country Report on Bangladesh provides detailed insights into the country's geography, demographics as well as economy, infrastructure and energy market. Download the report COUNTRY REPORT INDONESIA 2021 Indonesia is the fifteenth largest country in the world, with a total area of roughly 1,904,569 km². Consisting of over 17,000 islands, it is the largest archipelago in the world and home to roughly 273 million people. The country’s population is highly concentrated on two islands, Java and Sumatra, which collectively account for 77.1% of the total population. The capital city of Indonesia is Jakarta and is situated on the island of Java. Indonesia is the world’s largest Muslim country, with roughly 87.2% of the country’s inhabitants following the religion. The Country Report on Indonesia provides detailed insights into the country's geography, demographics as well as economy, infrastructure and energy market. Download the report COUNTRY REPORT VIETNAM 2021 With a land mass of 331,000 km², Vietnam is the 67th largest country in the world and the 4th largest country in Southeast Asia. The country’s population has increased at an average of around 1% each year since 2015, reaching a total of 97.6 million people in 2020. Vietnam’s population density is roughly 295 people per km², a figure expected to increase by 23.3% by 2050 if population estimations are correct. The Country Report on Vietnam provides detailed insights into the country's geography, demographics as well as economy, infrastructure and energy market. Download the report COUNTRY REPORT INDIA 2021 Measured by its total area of 3,287,263 km², India is the seventh-largest country in the world; in fact, it is the second-largest by population, with around 1.3 billion inhabitants. The Indian economy has impressed with its dynamism over the last 25 to 30 years, and although growth fell to a low of 3.9% in 2008, the country did not slip into recession during the global financial crisis, unlike most of the developed world. Since 2010, India has recorded GDP growth averaging 7.3% annually. The India Country Report provides detailed insights into the country's geography, demographics as well as economy, infrastructure and energy market. Download the report COUNTRY REPORT PHILIPPINES 2021 With a total area of 300,000 km², the Philippines ranks 73rd among all countries in the world. The country in Southeast Asia consists of 7,641 islands, of which only about 2,000 are inhabited. The Philippines' economy ranks 34th in the world with an estimated GDP of $348.5 billion in 2017. Over the past decade (with the global economic crisis of 2008/2009), average GDP growth has been 5.6%, one of the top rates in Asia. The Philippines Country Report provides detailed insights into the former Spanish colony's geography, demographics, and economy, infrastructure, and energy market. Download the report IMPACT REPORTS The ThomasLloyd Impact Reports quantify the social, economic and environmental impact of our investments in renewable energy in the Philippines and India. ThomasLloyd has been a pioneer in this field. We raise money directly from investors, co-partner with international development agencies such as the World Bank’s International Finance Corporation and work alongside national and regional governments in Asia to advance sustainable social development through direct investment in physical infrastructure. IMPACT REPORT PHILIPPINES 2020 The Philippine Impact Report analyzes the direct and indirect impacts of ThomasLloyd's renewable energy investments and their contribution to economic growth on the island of Negros, specifically in the region of Negros Occidental, where ThomasLloyd Group's solar and biomass plants are operating. Based on discussions with mayors, the provincial government, elected officials, planning and development agencies, and private businesses, the report paints a picture of energy supply and security, their impact, and the benefits to tax revenues at the federal, provincial, and municipal levels, which are at the heart of economic and social change. Download the report IMPACT REPORT INDIA 2021 The Impact Report India analyzes the direct and indirect impacts of our renewable energy projects on the Indian subcontinent and their contribution to job creation, environmental protection, CO₂ emissions reduction, and the achievement of the 17 UN Sustainable Development Goals (SDGs). It examines the substantial progress India has made so far in reducing its dependence on fossil fuels and analyzes how the challenges of rapid demographic change and urbanization are driving the government's ambitious grid-connected solar energy goals. Download the report MARKET REPORTS RESEARCH PAPER 05/2021 "COP26 MEETING ON CLIMATE CHANGE: THE STATE OF THE PARTIES”. This paper was developed in order to de-mystify the issues, and to summarise the progress made both at and subsequent to the historic Paris COP21 meeting. Investing in sustainable infrastructure is critical for tackling climate change, furthering economic progress and making a positive difference to lives and communities. Realising sustainable value requires solutions to a global issue which affects us all, now and in the future. Download the paper RESEARCH PAPER 04/2021 "IMF REVISES WORLD GROWTH FORECASTS HIGHER ONCE AGAIN”. Despite pandemic restrictions and other challenges posed to the world economy in 2020, the International Monetary Fund revised its forecasts higher in January 2021 and projected the global economy’s growth to 5.5% in 2021 and 4.2% in 2022. The 2021 forecast is revised up 0.3% points relative to the previous forecast, reflecting expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies. Download the paper RESEARCH PAPER 03/2021 "THE CARBON COST”. CO₂ emissions and their impact on climate change and the environment have moved rapidly up the social and political agenda. Our latest research paper outlines the compelling case for investment in infrastructure and renewable energy. Demographic change and rapid urbanisation are driving the demand for electricity which must increasingly be met by technologies which help reduce and mitigate climate change. By virtue of their geography, countries with the highest increase in demand are also best placed for a supply response which harnesses their plentiful solar irradiation. Download the paper MARKET REPORT 12/2020 "NEGATIVE GOVERNMENT BOND YIELDS HIT INVESTORS HARD”. There are more than USD17 trillion of government bonds globally which now yield less than zero percent. Investors holding these bonds to maturity are guaranteed to lose money, whilst receiving no interest income. This loss of income is disastrous for savers and for pension funds who must fund future liabilities. In this environment, investors looking to replace the income which has been lost in sovereign bond markets due to extraordinary monetary policies, can instead find the government-sponsored and supported income streams in the market for private infrastructure debt. Investing in sustainable real assets now is a win-win of current income generation, while working towards a cleaner, safer planet for our children and grandchildren. Download the report MARKET REPORT 11/2020 “EMERGING MARKET CURRENCIES AFTER THE US ELECTION”. Joe Biden has been elected the 46th President of the United States but with a reduced majority in the House of Representatives and without control of the Senate. This reduces the chances of a big and early fiscal stimulus and leaves only the Federal Reserve to boost the economy if needed. Resultant US Dollar weakness will be resisted in both Europe and Japan but money has to flow somewhere. After an aggregate 20% decline for Emerging Markets currencies since the 2016 poll, we now see strong tailwinds pushing them higher. EM assets appear the clear winner of this US Presidential election. Download the report MARKET REPORT 05/2020: “INDIA ANNOUNCES FISCAL STIMULUS PLAN” The Indian authorities responded quickly to the COVID-19 pandemic. The comprehensive and substantial fiscal stimulus announced this week by Prime Minister Modi amounts to almost 10% of GDP – around USD265 billion equivalent. It provides not only a general boost to demand in the economy, but is a cleverly targeted package to address sector-specific concerns. As electricity demand increases with the return to work post-lockdown, investors in power and renewable energy will look at India with renewed enthusiasm. At ThomasLloyd, we are proud of our India investment strategy and excited about the future opportunities. Download the report MARKET REPORT 11/2019: “INDIA: AIR QUALITY CLOUDS PROGRESS ON RENEWABLE ENERGY” India’s air quality is making news headlines and risks undermining its economic progress. Yet, India has actually met and exceeded all its climate change targets set under the Paris Agreement. The COP 25 Climate Change Summit to be held in Madrid next month should be the opportunity to showcase its success as a world leader in renewable energy, especially in solar generated electricity. We are excited by the opportunities in India and look forward to sharing in its future development. Download the report MARKET REPORT “WORLD ECONOMIC OUTLOOK 10/2019: IMF REMAINS POSITIVE ON ASIAN ECONOMIES” At its Autumn meetings in Washington DC, the International Monetary Fund (IMF) released updated economic forecasts for its 189 member countries. There were few surprises in the new World Economic Outlook (WEO), largely because the Organisation for Economic Cooperation and Development (OECD) had already published one month ago its own downward revisions for global growth and for the 36 countries which it represents (see our Special Report “OECD highlights infrastructure spending to boost growth”). Understandably, the IMF’s somewhat gloomy assessment and its focus on downside risks to the global economy again caught the attention of the world’s media. But whilst no region was left unscathed by the deceleration, almost 40 emerging market and developing economies are still forecast to have growth rates above 5 % in 2020; 14 of which are in Asia and 2 of which are in the top 5 economies in the world. Download the report MARKET REPORT “OECD HIGHLIGHTS 09/2019: INFRASTRUCTURE SPENDING TO BOOST GROWTH” The ability of central banks to use monetary measures to keep the economy on a reasonable growth path seems to be reaching its limits. This is the opinion of the OECD, which now sees policymakers as having a duty to create growth through investment. Download the report ECONOMIC REPORTS The transformation of India is remarkable. By all metrics of growth, population and urban development, India’s economic story is hugely impressive; even if it has gone largely unnoticed in much of Europe. From 13th place in 2000, India is on track this year to become the 5th largest economy in the world. ECONOMIC REPORT GERMANY/INDIA 2018 Germany is the world’s fourth largest economy, though there are some fascinating developments just below it on the global leader board. Earlier this year, India reached a new high point. Its GDP rose above France to take it up to 6th place. At current levels of growth and exchange rates, it is likely to overtake the United Kingdom by the end of 2020 and will then be in 5th place behind only Germany, Japan, China and the United States. In this paper, we look at the dynamics of growth, trade and investment in India and look at the opportunities this presents both for investors and companies in Germany. Download the report ECONOMIC REPORT GERMANY/FRANCE 2018 In 2000, India was not even among the top ten economies in the world. Its annual GDP was lower than that of Mexico, Spain, and South Korea and was only 13th in the world. In the first 18 years of the new millennium, the Indian economy had only experienced two-quarters of negative growth and never experienced a recession. At the beginning of 2018, India's GDP rose above France and reached 6th place in the world rankings. At current levels of growth and exchange rates, it is likely to overtake the United Kingdom by the end of 2020 and will then be in 5th place behind only Germany, Japan, China and the United States. In this paper, we look at the dynamics of growth, trade, and investment in India and look at the opportunities this presents both for investors and companies in France. Download the report EXPERT INSIGHTS EXPERT INSIGHT SUSTAINABLE INFRASTRUCTURE INVESTING The IPCC’s Climate Report states that within the next two decades, temperatures are likely to rise by more than 1.5C above pre-industrial levels, breaching the ambition of the 2015 Paris Climate Agreement. Sustainable Infrastructure plays a central role in meeting climate as well as wider environmental and development objectives, which is key to supporting the energy transition in developing countries – but there’s still a financing gap for sustainable infrastructure. Nick Parsons shares his expert insights on how mobilizing private funding can help close this funding gap. Download the report EXPERT INSIGHT DEEP DIVE INTO IMPACT INVESTING As an impact investor, we set out deliberately and intentionally to have a positive social and environmental impact through our investments. We are committed to regularly measuring and reporting this performance. In so doing, we fully comply with the disclosure requirements defined under Article 9 of the EU Sustainable Finance Disclosure and the LuxFlag Environmental label. Download the report EXPERT INSIGHT "ENERGY PRICES" At ThomasLloyd, we have been investing in high growth and emerging markets in Asia where energy security, system resilience and reducing dependence on expensive oil imports remain key drivers of energy policy. Soaring oil, gas and coal prices make the renewable energy proposition even more compelling and could even lift the operating margins of renewable energy producers. Delivering sustainable value through renewable energy in Asia is the heart of our investment philosophy. 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