May I recommend Ian Bremmer's tour d'horizon focusing on the global "political risk" outlook for 2008. It's a long article that defies attempts to summarize it. But here's a taste, from Bremmer's analysis of South African politics:
Now that [ANC President-designate Jacob] Zuma has been formally charged with corruption - in what his supporters say was a politically motivated decision - we should expect direct confrontation between the ANC and Zuma's rivals within the Mbeki government, with escalatory potential that could damage the broader cohesiveness of the ANC's ruling alliance. That makes it more likely that South Africa's political left will start to melt away, with labor union support for Zuma. All of this presages a split between party and state, paralyzing the South African government's ability to implement an agenda of economic transformation and to play a proactive international role (so I expect less South African engagement on issues of regional stability like Darfur). It's a no-win situation through elections, and near-term investment implications are negative.
Go on, read the whole thing.