PHILIPPINES - In Brief 13 Oct 2021

What we know at this time:The period for filing of certificates of candidacy (COC) closed last Friday and six publicly recognizable figures are running for the presidency. In alphabetical order: Manila Mayor Francisco Domagoso, Senator Ronald dela Rosa, Senator Panfilo Lacson, former Senator Ferd...

MEXICO - Report 12 Oct 2021

In the latest chapter of the current administration’s efforts to roll back the energy sector reform that was fully adopted in 2014, on the final day of September it presented Congress a constitutional reform proposal focused on the electrical power industry. Well before we have gotten a clear loo...

MEXICO - Report 12 Oct 2021 1 response

When President López Obrador unveiled at the end of September his package of constitutional reforms designed to turn back the clock and reassert state control over the electric power sector, it might have seemed like a politically reckless move. He had been promising such a reform proposal for we...

RUSSIA ECONOMICS - In Brief 12 Oct 2021

The federal budget surplus reached R0.367 trln and R1.444 trln in September and 9M21. The government collected 95.5% of the formally approved 2021 budget plan already in 9M21. Oil-and-gas tax collection during this period exceeded the annual plan by 3.3%, while high inflation helped collect 91.9%...

COLOMBIA - Report 12 Oct 2021

As President Iván Duque starts walking into the sunset (a new president will take office in 10 months), a pressing concern apparently plagues his thoughts: no incumbent would like to see voters exhibit change of heart and elect a successor from the opposite side of the political spectrum. But giv...

DOMINICAN REPUBLIC - Report 12 Oct 2021 1 response

The probability that the Dominican economy will end 2021 with growth of close to 10% is increasing, given accumulated growth of 13% in January-August, compared to the same period in 2020. But not everything is rosy. Although formal employment has returned to nearly pre-pandemic levels, overall un...

BRAZIL ECONOMICS - Report 12 Oct 2021

To satisfy the inflation target at the end of 2022, after having attained the level of 8.25% at the end of 2021, the Central Bank will have to raise the SELIC rate to 9.5% at the start of next year. The cost of a “sufficiently restrictive” monetary policy will be to keep the GDP gap open during a...

BRAZIL POLITICS - Report 12 Oct 2021

This is a short week in Brasília due to the October 12 holiday. In the House, the focus will be on the discussion of the bill that deals with the ICMS tax on fuels. The rapporteur of the bill on Auxílio Brasil may submit his report. In the Judicial branch, the STF will analyze the constitutionali...

VENEZUELA - Report 12 Oct 2021

In September, because of ample cash dollar supplies by the Central Bank of Venezuela (BCV) throughout the month, the bolivar strengthened to an exchange rate where a dollar fetched fewer than four bolivars. Consumer prices advanced by a mere 10 percent, half the speed we had previously forecast. ...

ISRAEL - Report 12 Oct 2021

Highlights: The BoI sounds increasingly optimistic * The BoI expects growth to reach 7% this year and 5.5% in 2022. The cumulative growth forecast (12.9%) is 1% higher than previous forecast. * Broad unemployment is expected to reach 5.2% in Q422 from a present 7.9%. * Infl...

RUSSIA / FSU POLITICS - In Brief 11 Oct 2021

On October 7 the Uzbek foreign minister visited Afghanistan. Taliban leaders publicly promised him that they they will never interfere in Uzbekistan. The Uzbek government is worried that the Taliban might have helped Islamists in Uzbekistan. Some Afghans are ethnically Uzbek. Uzbekistan has a bri...

RUSSIA ECONOMICS - In Brief 11 Oct 2021

The Central bank reported that in 3Q21, the current account widened to a historical record of $40.8bn, which was almost half of its entire 9M21 value ($82.2 bn). Previously the strongest ever current account was recorded in 1Q18 ($39.0 bn) and 1Q08 ($38.0 bn). Usually, imports are low early in th...

DOMINICAN REPUBLIC - In Brief 11 Oct 2021 2 responses

A document from the Dominican government has been leaked to the press outlining the purposes of the tax reform that is expected to be formally disclosed in the next few days, and that so far has not been confirmed or denied by official bodies. In this document, the Dominican government lays down ...

ISRAEL - In Brief 11 Oct 2021

The fiscal deficit continued to contract sharply in September, reaching 6.8% GDP (adjusted for the shift in the Jewish holidays) from 8% in August. Tax revenues are up nearly 30% in January-September, due to capital gains taxation on hi-tech exits, real-estate purchase taxation, and strong PC dem...

PHILIPPINES - In Brief 11 Oct 2021

In a September Pulse Asia survey[1] published last week, “controlling inflation” emerged as the most urgent national concern, significantly ahead of “controlling the spread of covid-19.” Government’s approval score for handling inflation dropped 26 percentage points compared with survey results i...