A weak economic growth outlook and tightening regulationrnin core tobacco markets will further exacerbate a multiyearrndownward trend in tobacco volume consumption. We believe thatrndiscretionary spending will increasingly come under pressure inrnthese markets, accelerating the pace of volume decline. With thatrnsaid, developing Asian economies will present robust growth opportunitiesrnon the back of favourable consumer dynamics – particularlyrnin Indonesia, our top pick for the region.
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