GlobalSource Partners | Country Insights

A skimmable summary overlaid with our analysis and links. Headlines: * As the MoU deadline expired, Trump threatened secondary sanctions on countries trading with Iran. * Trump also threatened to bomb Oman in an interview, without details. * Two bulk carriers were hit, and the UAE cut trade ...

The PGR asked the STF to send the investigation into Lulinha to a lower court, the first presidential debate is scheduled for Sunday, and free campaign time on TV and radio will begin next week

BRAZIL POLITICS · Report · 21 Aug 2026

The Office of the Prosecutor General (PGR) has asked the Supreme Federal Court (STF) to send to a lower court the investigations into the alleged involvement of Fábio Luís Lula da Silva, known as “Lulinha”, the son of President Lula (PT), as well as allegations involving Dataprev and an attempted...

More red flags on the external payments front

PHILIPPINES · Report · 21 Aug 2026

The Philippines’ external position is flashing red but not yet in crisis. The US$5.3-billion January–July BOP deficit and the decline in GIR to US$103.3 billion warrant vigilance. However, reserves remain substantial at 6.7 months of imports and 3.7 times short-term external debt. The bigger i...

TOPIC OF THE WEEK: Uzbekistan’s fiscal reset gains traction

CAUCASUS / CENTRAL ASIA · Report · 21 Aug 2026

I have in the last two weeks combed through the almost 200-page 2027-2029 Fiscal Strategy (in Uzbek only) released by the Uzbek Ministry of Economy and Finance. It has been a laborious, yet worthwhile exercise. My key takeaway is that Uzbekistan is turning fiscal discipline from a one-off cor...

An opportunity to demonstrate statesman’s capabilities

ECUADOR · Forecast · 21 Aug 2026

President Noboa is obliged to maintain a difficult political equilibrium between Washington and China. He was officially invited to visit China by Xi Jinping, but while both Noboa and Trump have mentioned their excellent relations with Ecuador, and Noboa has visited Mar-a-Lago unofficially, he ha...

Market Testing Philippine Macroeconomic Resilience

PHILIPPINES · In Brief · 21 Aug 2026

The peso nearly breached ₱62 to the dollar on August 19, touching an intraday record low of ₱61.995 before recovering slightly to close at ₱61.815. The sell-off was not confined to foreign exchange: Philippine equities and fixed-income markets also turned jittery. Peso-Dollar Rate: January 5 to A...

Production abroad, led by Nvidia, is becoming a significant driver of Israel’s GDP growth

ISRAEL · In Brief · 21 Aug 2026

The release of the Q2 national accounts has renewed the discussion over the growing impact of production abroad by Israeli companies on Israel’s GDP, and particularly the contribution of Mellanox, acquired by Nvidia in 2020, to recent GDP growth. The discussion intensified after the CBS began pub...

The reciprocity response to the U.S. tariffs is not expected to be completed by December, the government is expected to submit the PLOA by the end of next week, and the issue involving Lula’s son continues

BRAZIL POLITICS · Report · 20 Aug 2026

Minister of Development, Industry and Trade Márcio Elias said on Wednesday (Aug. 19) that the economic reciprocity process in response to tariffs imposed by the United States is not expected to be completed by December. Last week, the government announced that it had initiated the reciprocity pro...

Russia: a brief market watch

RUSSIA ECONOMICS · In Brief · 20 Aug 2026

The FX market’s reaction to the 14% surge in oil prices over the past two weeks, driven by renewed tensions between Iran and the US, was far from straightforward. The ruble fell about 5% during this time, likely due to increased capital outflows, including the non-repatriation of export earnings ...

Israel’s recovery loses some momentum at the start of Q3

ISRAEL · In Brief · 20 Aug 2026

The Bank of Israel’s new monthly activity index declined by 0.12% in July, following a strong 15.4% annualized increase in Q2. The index is still 1.8% above its February level, pointing to a significant recovery in activity following the war with Iran. The three-month measure increased by 0.5%, a...

Kazakhstan macro: navigating a series of external shocks

KAZAKHSTAN · Report · 19 Aug 2026

Recently published economic statistics indicate that despite a number of external shocks that had affected the nation’s ability to export oil, Kazakhstan’s economy is still performing fairly well, although perhaps falling a bit short of expectations. According to the Bureau of National Statistics...

Closing the gap bears a cost in inflation and forex

VENEZUELA · Report · 19 Aug 2026

July laid bare the tradeoff facing the Central Bank of Venezuela (BCV): narrowing the exchange rate gap inevitably comes at an inflation cost and requires abundant foreign currency. The official exchange rate depreciated 18.2 percent, while monthly inflation accelerated to 19.9 percent, confir...

Lots of good news, yet critical times are coming

HUNGARY · Report · 19 Aug 2026

The end of summer is approaching, and it is difficult not to see a remarkable sequence of recent good news. GDP continued to grow in Q2; CPI-inflation fell to a ten-year low in July; a massive budget surplus occurred in the first three months after Tisza’s takeover; the forint remains strong, sup...

Senate President Alcolumbre sent the 6x1 work schedule proposal to the CCJ, Lula’s provisional measure on the “blouse tax” expires on Sep. 8, and Lula continues to criticize online betting

BRAZIL POLITICS · Report · 19 Aug 2026

According to his staff, Senate President Davi Alcolumbre (União-AP) has signed the order sending the proposed constitutional amendment (PEC) that would end the 6-on, 1-off (6x1) work schedule to the Constitution and Justice Committee (CCJ). This means the proposal should reach the CCJ in the comi...

Government borrowing surges in July

CHINA FINANCIAL · Report · 19 Aug 2026

Special points to highlight in this report: * China’s economy remains stuck in the same pattern: industrial production continues to outpace domestic demand, with July retail sales growth falling to just 0.6%. * China is increasingly relying on government borrowing: weak household and corp...