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COUNTRY INSIGHTS

Russian peacekeepers will withdraw from Azerbaijan
RUSSIA / FSU POLITICS · In Brief · 17 Apr 2024

On April 17 Putin's spokesman made the announcement. After the 2020 war Russia mediated peace between Armenia and Azerbaijan. The peace agreement provided for 1 500 Russian troops to keep the peace in Nagorno Karabakh. The region is legally Azerbaijani but was then ethnically almost exclusively A...

Requiem for the Fiscal Framework
BRAZIL ECONOMICS · Report · 17 Apr 2024

The recently proposed Budget Directives Law (LDO) revealed, intentionally or not, the limits of the so-called New Fiscal Framework. This is not due to either of the primary result for 2024 (kept at the same level suggested by the bimonthly revision of March) or even the reduction of the primary s...

The disagreements between Lira and the government have increased, the session of Congress to review presidential vetoes was postponed to next week, and the vote on the privatization of Sabesp should take place today
BRAZIL POLITICS · Report · 17 Apr 2024

The disagreements between Arthur Lira (PP-AL) and the government have increased. Yesterday, the government dismissed Wilson César de Lira Santos, Lira's cousin, from the position of Regional Superintendent of Incra in Alagoas. Last week, Lira called the Minister of Institutional Relations, Alexan...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 17 Apr 2024

Apr 4 Sinopec: The Chinese company Sinopec has officially become a co-founder of Silleno LLP, which is involved in the construction of a polyethylene plant in Kazakhstan. Apr 6 President: Mr. Tokayev described the current floods as the biggest disaster in the past 80 years, both in terms of scale...

Economy grows steadily in March, albeit with some moderation
KAZAKHSTAN · In Brief · 17 Apr 2024

According to the Bureau of National Statistics, the short-term indicator (a sort of a monthly proxy for GDP) grew y-o-y by 4.7% and 4.1% in 1Q24 and March. General trends remained the same, i.e., economic growth remained uneven by sectors. Industrial output increased over the same time frames by ...

On the road to normality? Growth nears potential and inflation is under control, but currency depreciation and interest rates are high
DOMINICAN REPUBLIC · Forecast · 16 Apr 2024

Q1 2024 ends with some signs that the Dominican economy is on its way to achieving trend values for key economic variables, such as growth and inflation. In January-February the average interannual growth of economic activity was 5.4%, close to potential growth, and inflation in Q1 was 3.33% y/y,...

Floods threaten Russian cities
RUSSIA / FSU POLITICS · In Brief · 16 Apr 2024

Flooding has gotten worse in Russia and Kazakhstan in mid April. An unusually early and warm spring caused snow and ice to melt abruptly. The premature and sudden thaw means that rivers have burst their banks. Heavy rains have aggravated the situation. The Ishim River, which flows from Kazakhstan...

The government submitted the Budget guidelines bill, the regulation of Tax Reform has been postponed to April 22, and Pacheco said the complementary law on state debt will be submitted this month
BRAZIL POLITICS · Report · 16 Apr 2024

The government sent the Budget guidelines bill to the National Congress yesterday, which includes the parameters of the 2025 Federal Budget. The fiscal target for next year was reduced from 0.5% to 0% of GDP. Yesterday, the Minister of Finance, Fernando Haddad, confirmed that the regulation of Ta...

Boluarte government weakened further; economic recovery takes off in Q1 2024; BCRP’s 25bp cut surprises markets
PERU · Report · 16 Apr 2024

In this report we discuss recent political developments, with a focus on President Dina Boluarte; using high-frequency economic reports, we present our updated forecast, and argue that the economy rebounded in Q1 2024; and discuss the BCRP Board’s decision to cut rates by 25bp, surprising both ma...

Economics: US industry’s stalling trend and the super peso continue to undercut Mexico's manufacturing
MEXICO · Report · 16 Apr 2024

Last week’s industrial activity report for February confirmed a continuation of its slowing trend. The construction sector remained almost the only source of growth but its pace slowed to a rate well below the average of the previous nine months. US industrial production’s stalling trend dati...

Difficulties in the legislature and other weekly topics
BRAZIL POLITICS · Report · 15 Apr 2024

The government submits the Budget Guidelines Bill and proposals for regulating Tax Reform to Congress. Negotiations continue around payroll tax relief for companies and municipalities, in addition to Perse (the events sector program). Rodrigo Pacheco meets with governors to discuss state debt. ...

Uzbekistan represses Islamists
RUSSIA / FSU POLITICS · In Brief · 15 Apr 2024

In April 2024 the Uzbek government responded to the March 2024 Crocus City Hall attacks in Moscow by ramping up police action against those suspected of religious extremism and terrorism. The police have searched the residences of suspects. The public have been told not to put their children into...

Inflation in the United States and Interest Rates in Brazil
BRAZIL ECONOMICS · Report · 15 Apr 2024

Inflation in the United States has been more persistent than expected according to CPI data disclosed last week, which indicated a continued acceleration trend, especially in core measures. The worsening of the underlying measures of US inflation has occurred against a backdrop of heated economic...

Tax collections and weak demand held March inflation steady
VENEZUELA · Report · 15 Apr 2024

Inflation held steady at 1.2 percent in March. While, starting in the third week of March, bolivar depreciation against the dollar and a transportation fare hike pushed up on inflation, and monetary expansion caused by domestic public outlays expanded by 21 percent compared with 9 percent in Febr...

Inflation in March slightly above expectations, but core remains low
ISRAEL · In Brief · 15 Apr 2024

Inflation in March slightly above expectations Inflation in March (0.6% m/m 2.7% y/y, following 2.5% last month) was slightly above expectations of 0.5% on average. Core inflation inched up to 2.3% y/y from 2.2% last month but this is due to higher taxation on cigarettes contributing 0.1% to the ...

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