GlobalSource Partners | Country Insights

The federal government announced yesterday that it has submitted a complementary bill (PLP) to Congress authorizing a tax compensation mechanism. The proposal would allow extraordinary oil revenues to be used to subsidize reductions in fuel taxes. The Supreme Federal Court (STF) reached a majorit...

Industrial production trends remain unclear, domestic demand weakens

RUSSIA ECONOMICS · In Brief · 24 Apr 2026

As Rosstat continues to intrigue observers, we remain puzzled about Russia’s economic trends, particularly in the industry. Earlier this year, we mentioned that, due to Rosstat’s internal regulations, the statistical agency decided to publish industrial production statistics for 2023 at fixed pri...

TOPIC OF THE WEEK: Inside the seductive complexity of Armenia's election math

CAUCASUS / CENTRAL ASIA · Report · 24 Apr 2026

Two fresh polls were released in Armenia over the past two weeks, which allows me to tighten up my predictions about how the elections will evolve in about a month's time. The polls are valuable as it has been now two months since the previous batch of surveys were produced, so that the new resul...

Imports fell sharply in March amid the war, but the trade deficit widened in Q1, which could eventually lead to upward pressure on the exchange rate

ISRAEL · In Brief · 24 Apr 2026

Foreign trade data for March, which was the first full month of the war, pointed to a sharp contraction in imports, which fell by 12% m/m, although they remained 2% higher y/y. The decline was broad-based: Consumer goods imports dropped by 16%, raw materials by 10%, and investment goods by 22%. I...

The House approved the admissibility of two PECs on the 6x1 work schedule, Zema took part in a debate on the electoral outlook, and the rapporteur of the strategic minerals bill postponed his report to May 4

BRAZIL POLITICS · Report · 23 Apr 2026

The Constitution and Justice Committee (CCJ) of the Lower House approved the admissibility of two constitutional amendment proposals (PECs) that aim to reduce the workweek in Brazil. In practice, the proposals would eliminate the six-days-on, one-day-off (6x1) schedule. Yesterday, presidential pr...

Kast's Big Beautiful Bill

CHILE · In Brief · 23 Apr 2026

President José Antonio Kast has framed his National Reconstruction Plan as a response to the three crises he claims Chile is facing: economic, political and security. Kast knows that of the three, it is security that has been uppermost in the electorate’s mind. Yet the Plan appears to be centered...

Bulgaria after the elections, Atlanticist but sovereign—the Western/Russian perspective

RUSSIA / FSU POLITICS · Report · 23 Apr 2026

After the landslide victory of Hungary's opposition in a historic election earlier this month, the question many analysts were asking in Brussels was: Who will be Russia's next Orban in the EU?" Just one week later, on April 19, former Bulgarian President Rumen Radev (2017-26) led Progressive Bul...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 23 Apr 2026

Apr 4 Energy Ministry: Kazakhstan continues to export oil via the CPC system in a regular mode. Apr 9 Parliament: The Senate (upper house) has ratified the agreement with Azerbaijan and Uzbekistan on a possibility of mutual supply of "green" energy. Ministry of Artificial Intelligence and Digital...

Oil flows again through Druzhba towards Hungary; outgoing PM Orbán revoked his effective veto on the EU's €90bn loan to Ukraine

HUNGARY · In Brief · 23 Apr 2026

President Zelenskyy personally announced the other day that Ukraine had completed fixing the now infamous pumping station on the Druzhba oil pipeline, which had been inactive since January 27, due to a missile or drone hit coming from the Russian army. This announcement was followed by technical ...

The energy that comes from oil

BRAZIL ECONOMICS · Report · 22 Apr 2026

The real continues on an appreciation trajectory, with performance that stands out relative to developed and emerging peers. The movement reflects higher oil prices, which tend to improve the terms of trade and the country’s external position, combined with strong inflows of foreign capital into ...

Words vs deeds

TURKEY · Report · 22 Apr 2026

The CBRT/MPC left the policy rate unchanged at 37% at today’s meeting, broadly in line with the consensus. The statement notes that the “underlying trend of inflation declined in March” but that “leading indicators suggest a slight increase” in April. It also states that the effects of geopolitic...

The House may vote today on the admissibility of two PECs on the 6x1 work schedule, the STF will review cases challenging the "minimum subsistence level", and today is the deadline for the subsidy for imported diesel

BRAZIL POLITICS · Report · 22 Apr 2026

Today, the Lower House’s Constitution and Justice Committee (CCJC) is expected to vote on Congressman Paulo Azi’s (União-BA) favorable opinion regarding the admissibility of two constitutional amendment proposals (PECs) addressing the 6-day workweek (6x1 schedule). On today’s agenda at the Suprem...

To what extent was China’s higher-than-expected GDP growth driven by inventory accumulation?

CHINA FINANCIAL · Report · 22 Apr 2026

Special points to highlight in this report: - China’s 5.0% GDP growth in Q1 came in above expectations, but the expenditure-side components of GDP growth all came in below expectations. Because the former is the sum of the latter, there seemed to be a discrepancy in the data releases last wee...

Trumping monetary policy: time for BSP to tighten

PHILIPPINES · In Brief · 21 Apr 2026

The Bangko Sentral ng Pilipinas (BSP) faces a clear policy imperative: shift decisively to tightening. The evidence is no longer ambiguous— inflationary pressures are broadening, deepening, and becoming more persistent. We therefore believe that the BSP will initiate tightening monetary policy in...

Kazakhstan macro: GDP growth to moderate this year

KAZAKHSTAN · Report · 21 Apr 2026

According to the Bureau of National Statistics, economic trends looked better in March as the economy continued to recover from the January shock caused by disruptions in oil exports (and accordingly, extraction) due to the damaged CPC oil pipeline terminal. Still, in 1Q26 as a whole, economic g...