GlobalSource Partners | Country Insights

The conflict between the government and the Central Bank is likely to continue. The PT directorate will meet on February 13 to discuss inflation and interest rates. Roberto Campos Neto gives an interview on the program Roda Viva. On Thursday, February 16, there will be a meeting of the National M...

Upward revisions for inflation and the exchange rate

VENEZUELA · Report · 13 Feb 2023

January 2023 data are telling us that current inflationary dynamics are strong. Inflation for the month reached 29 percent driven by an expansion in primary money in turn fueled by an atypical hike in public spending and weak central bank currency sales. Everyone’s talking about the minimum wa...

This will be a quiet week due to next week’s Carnival holiday, the PT directorate will meet today to discuss interest rates, and Lula will launch several social programs this week

BRAZIL POLITICS · Report · 13 Feb 2023

This is the week before Carnival and, therefore, a relatively quiet one in Congress. The president of the House, Arthur Lira (PP-AL), will meet with party leaders to discuss the distribution of positions in the Permanent Committees of the House. Today there will be a meeting of the National Direc...

Russia is closing in on Bakhmut

CIS POLITICS · In Brief · 13 Feb 2023

On February 12 the head of Wagner said that his fighters had taken a village a few kilometers from the center of Bakhmut. Ukraine has not denied this. That appears to be confirmatory silence. Bakhmut seems to have more a political rather than a strategic goal. There is rivalry between Wagner and ...

Probability of a 0.5% rate hike next week has increased

ISRAEL · Report · 13 Feb 2023

1. Shekel weakening continues on the back of uncertainty regarding the implications of the planned judicial reforms. 2. If this trend continues this week, a 0.5% rate hike next week will become increasingly likely. 3. We expect a fiscal deficit of 3.7% GDP this year, following a surplus las...

Probability of a 0.5% rate hike next week has increased

ISRAEL · In Brief · 12 Feb 2023

Uncertainty regarding the judicial reforms continue Last week, the shekel weakened by 3.2% against the dollar and by 1.2% against the Euro. The shekel continued to weaken in the FX option trading yesterday. Several international investment banks and economists have expressed concern regarding the...

The Central bank keeps its key rate unchanged

RUSSIA ECONOMICS · In Brief · 10 Feb 2023

The Central bank announced that the BoD decided to keep the key rate at 7.5%, having quoted that the economic situation currently looks better, and pro-inflationary risks remain relatively high. The CBR estimated that the Russian GDP was down by 2.5% in 2022, which encouraged the regulator to upg...

CPI-inflation above expectation in January, but analysts still believe this may be the cyclical peak

HUNGARY · In Brief · 10 Feb 2023

January CPI-inflation came out this morning at 2.3% mom, 25.7% yoy, the latter up from 24.5% yoy in December. Core inflation was 1.8% mom, 25.4% yoy, meaning that the year-on-year core rate fell below the headline rate for the first time since last February. Non-fuel inflation was 24.6% yoy, more...

President Lula and allies criticized the BC over the interest rate, the president of the BC will likely go to Congress after Carnival to provide clarification, and President Lula will meet with US Senator Bernie Sanders and President Biden today

BRAZIL POLITICS · Report · 10 Feb 2023

This week was marked by pressure and criticism from President Lula, members of the government, and allies in Congress against the Central Bank (BC) over the interest rate level. Roberto Campos Neto is expected to go to the Senate Economic Affairs Committee after Carnival to provide clarification....

What we can learn from the Adani story

INDIA · Report · 10 Feb 2023

When investment faltered from 2011 onwards, some felt that there was a "deals rather than rules" solution to the problem. Perhaps the state could foster a small set of private "national champion" firms that would play a leadership role in investment. Through these firms, there could be a new rena...

Zelensky visited Brussels

CIS POLITICS · In Brief · 10 Feb 2023

On February 9 he addressed the European Parliament. He was cheered to the rafters and wore his trademark green military fatigues. He pleaded with them to speed up deliveries of long-range weapons. Zelensky warned the EU that Russia is intensifying its offensive and within weeks will start an all ...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 09 Feb 2023

Aeroflot: The Russian company will resume its regular flights to Kazakhstan in February Jan 30 QazaqGaz: The company and Italian Eni discussed possible prospects for cooperation in f the construction of the Kashagan gas processing plant Jan 31 National bank: The current account surplus for FY22 r...

Bernard Appy said that Tax Reform will be conducted in two phases, Minister Alexandre Silveira said that the privatization effort has left Brazil at a disadvantage, and President Lula travels to the US today

BRAZIL POLITICS · Report · 09 Feb 2023

The Extraordinary Secretary for Tax Reform of the Ministry of Finance, Bernard Appy, said that the reform will be conducted in two phases: the discussion of consumption taxation and later, the taxation of income and payrolls. According to Appy, to maintain the current collection, the rates of the...

Zelensky visits London

CIS POLITICS · In Brief · 09 Feb 2023

On February 8 the Ukrainian President made an unannounced visit to the UK. He became the first Ukrainian President to address Parliament and meet the king. His address to Parliament was very well received. Zelensky requested fighter jets. The United Kingdom said it will start to train Ukrainians ...

December statistics leaves mixed impression, inflation remains elevated in the early 2023

RUSSIA ECONOMICS · In Brief · 08 Feb 2023

Rosstat reported that the output of the five basic sectors was down in 2022 by a mere 1.3%, while in December alone, it was down by 4.3% y-o-y. The performance in various sectors was quite uneven as construction grew by 5.2% and 6.9% in 2022 and December (y-o-y in the latter case). Agricultural o...