GlobalSource Partners | Country Insights

As expected, the CBRT/MPC left the policy rate unchanged at 37% today. The statement was not very different either, in which the Bank reiterated the ongoing demand weakness and acknowledged that “elevated energy prices amid geopolitical developments pose an upward risk to the inflation outlook.”

Justice Fachin called a session for next week to decide on the latest Banco Master development, the government is trying to lower gas prices, and Lula signs into law the measure eliminating the so-called “blouse import tax”

BRAZIL POLITICS · Report · 10 Sep 2026

Supreme Federal Court (STF) Chief Justice Luiz Edson Fachin has called an extraordinary session for next Tuesday, September 15, for the full Court to decide on a Federal Police report that identifies Justice Alexandre de Moraes as the interlocutor of former banker Daniel Vorcaro, owner of Banco M...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 09 Sep 2026

Aug 27 Legal suite: The court in Kazakhstan allowed Ukrainian Naftogaz to appeal the cancellation of the decision to recover $1.4 bln from Gazprom. Aug 28 KMG: The company will place "Dimsum" bonds worth CNY 3.5 bln in early September. Energy ministry: Oil production has been restored in Kazakhst...

Federal budget deficit narrows in August despite weak oil-and-gas revenue flow.

RUSSIA ECONOMICS · In Brief · 09 Sep 2026

Minfin reported that oil-and-gas (O&G) revenues reached R6.0 trln in 8M26, down 16.7% y-o-y, while non-O&G revenues rose 18.1% y-o-y to R20.9 trln. The 2026 targets are R8.9 trln for O&G and R31.4 trln for non-O&G revenues. By August, O&G revenue collection had reached only 56.2% of the annual pl...

The latest poll shows Flávio Bolsonaro numerically ahead of Lula in a runoff, Chief Justice Fachin gave Justice Mendonça 72 hours to respond to a request from the AGU, and Fachin may take over the Banco Master case

BRAZIL POLITICS · Report · 09 Sep 2026

Yesterday, a voting-intention poll showed Flávio Bolsonaro (PL) numerically ahead of Lula (PT) in a runoff, with 46% to 45%, according to Nexus/BTG Pactual. The erosion in support is not driven solely by the institutional issues surrounding the crisis at the Supreme Federal Court (STF). The econo...

South Africa’s growth momentum falters in Q2-2026

SOUTH AFRICA · Report · 09 Sep 2026

South Africa’s quarter-on-quarter real GDP declined by 0.2% during the second quarter of 2026, following the first quarter’s 0.4% q/q increase, bringing an end to six consecutive quarters of positive growth. On an annual basis, the economy was still 0.9% larger than in the second quarter of 2025,...

Unemployment surges as growth loses momentum

PHILIPPINES · Report · 09 Sep 2026

The July 2026 labor-market data present a seemingly reassuring picture: employment remains relatively strong and unemployment is still contained. Yet beneath the headline numbers are signs that deserve closer attention. The labor market does not operate in isolation; it reflects the strength, com...

Steady growth, accelerating industry, a widening fiscal premium, and a right wing that does not need to unite

POLAND · Report · 09 Sep 2026

Poland's economy shows a healthier growth mix, tilting toward investment and away from public consumption, even as inflation, unemployment, and fiscal risk all move the wrong way. Inflation has stopped falling mainly due to fuel subsidy withdrawal and a VAT reversion, a level shift that will keep...

Strong tax revenues keep the fiscal deficit low in August, but defense spending could push it higher by year-end

ISRAEL · In Brief · 09 Sep 2026

Israel’s fiscal data for August continued to tell a positive story. Tax revenues continued to show strong and surprisingly positive growth, while the fiscal deficit remained well below earlier expectations. The numbers show a 12-month rolling fiscal deficit of 3.2% of GDP in September 2025-August...

The presidential race with no clear favorite and other weekly topics

BRAZIL POLITICS · Report · 08 Sep 2026

The crisis at the Federal Supreme Court (STF) continues. Statements from the Office of the Prosecutor General (PGR) and Justice André Mendonça to Justice Edson Fachin are expected regarding Mendonça’s conduct in the Banco Master case. Mendonça may also approve a plea bargain related to "Dark Hors...

Economics: Financing to the non-financial private sector weakens in the second quarter of 2026

MEXICO · Report · 08 Sep 2026

Financing to the non-financial private sector slowed sharply in the second quarter of 2026, in both its domestic and external components. Consumer credit continues to post high growth rates, but that behavior stems mainly from the banking penetration of segments previously served by SOFOMES and f...

Fantastic unrealism

BRAZIL ECONOMICS · Report · 08 Sep 2026

The 2027 budget proposal projects a small primary surplus equivalent to 0.1% of GDP. In addition to falling far short of what is required to place debt on a stabilization path, the government’s estimate depends on an accelerated increase in revenues while economic activity weakens. The revenue pr...

Weekly report, September 8, 2026: Dovish BoI tone, inflation to edge higher, rates on hold

ISRAEL · Report · 08 Sep 2026

BoI officials struck a relatively dovish tone in the past week, citing both weaker underlying growth excluding production abroad and the strong shekel. Softer wage growth also supports this view. Inflation is likely to edge slightly higher in the near term: we expect the August CPI to rise by aro...

Flávio took part in a political rally in São Paulo yesterday, Lula delivered a nationally televised address, and there is no clear frontrunner in the election

BRAZIL POLITICS · Report · 08 Sep 2026

Senator Flávio Bolsonaro (PL) took part in a political rally on Avenida Paulista in São Paulo on September 7, Brazil’s Independence Day, which drew strong turnout from Bolsonaro’s political base. The demonstration was held under the slogan “Lula and Alexandre de Moraes Out”. President Lula (PT) d...

Imbalanced growth and the debate about monetary policy

ARGENTINA · Report · 08 Sep 2026

Argentina has two problems at present: a growth problem and a money problem. Thirty two months into the Milei administration, real GDP growth has been unimpressive and imbalanced. There is scarce creation of quality employment, and real wages in formal economic activities are falling, as are per-...