GlobalSource Partners | Country Insights

GDP grew 3% in 2022. Specifically, China’s economy rose by 2.9% y/y in Q4 2022, down from the 3.9% growth reported in Q3. Many negative factors affected the economy in 2022, including global macroeconomic tightening, the Ukraine crisis, real estate restructuring, the pandemic management policies ...

Concern regarding the judicial reform rattles the markets

ISRAEL · Report · 30 Jan 2023

1. Growing concern regarding the proposed judicial reforms has supported a selloff of Israeli financial assets, including equities, bonds and FX. 2. Recent economic indicators point to slowing growth, including weaker private consumption. 3. Despite slowing growth, a weaker shekel will ...

Concern regarding the judicial reform rattle the markets

ISRAEL · In Brief · 29 Jan 2023

Financial markets in Israel have sold off recently Concern regarding capital outflows have resulted in a weaker shekel, lower equity prices and higher bond yields. This follows growing international (as well as domestic) concern regarding the proposed judicial reform which would strengthen politi...

S&P downgraded Hungary to BBB-, with Stable outlook, on Friday

HUNGARY · In Brief · 29 Jan 2023

S&P had been holding Hungary on BBB/Negative since August 2022. The explanation of its downgrade, announced on January 27, included: (1) sharp monetary tightening, forced by sustained high inflation, forint volatility and external pressure; (2) high energy prices, uncertain economic prospects and...

Who stole Usain Bolt's money?

JAMAICA / BAHAMAS · Report · 27 Jan 2023

For over two weeks in Jamaica, there has been only one news story, as both the elites and the man on the street were shocked that global sprinting superstar Usain Bolt now had only US$12,000 in his retirement fund. Bolt, the closest thing Jamaica has had to a national icon since Bob Marley, advis...

Webinar replay: Venezuela in 2023: What to expect?

VENEZUELA · Report · 27 Jan 2023

Visit our calendar page to watch the replay of our webinar featuring Ruth Krivoy as she discusses Venezuela's macro outlook and the prospects for growth in 2023. How will politics affect economic recovery? With the dire situation of Venezuela's oil industry and the limited scope of Chevron's ...

Lula will meet with governors today, Congress and the Judiciary resume activities next week, and the Central Bank will meet to decide on the interest rate

BRAZIL POLITICS · Report · 27 Jan 2023

In the meeting with Lula, governors should discuss federal compensation for revenue losses caused by the change in the ICMS collection rules – especially on fuel – and the borrowing capacity of the states. Congress and the Judiciary will resume their activities next week. Also next week, the Cent...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 27 Jan 2023

Jan 6 The Civil Aviation Committee: Kazakhstan has extended the "open skies" regime for foreign airlines until 2028 Energy Ministry: Kazakhstan, Kyrgyzstan, and Uzbekistan have agreed on the conditions for the construction of the Kambarata HPP-1 with a capacity of 1860 MW will generate 5 bln kW-H...

Russia increasing military manufacturing

CIS POLITICS · In Brief · 27 Jan 2023

On January 26 the head of Russian state defense conglomerate Rostec, Sergei Chemezov, said that it was speeding up the production of ammunition because of the Ukraine War. He denied that Russia was running short of munitions. He claimed that Rostec had multiplied production due to the Defense Min...

Georgia benefits from Russian immigration

CIS POLITICS · In Brief · 26 Jan 2023

In 2022 Georgia's banks received over USD 2 billion in transfers from Russia. Over 112,000 Russians moved to the country. Most were men aged 18-35. But some were older men, women and children. The influx of Russians has boosted the economy 10%. Some of the immigrants are anti-war liberals. But th...

The PL, PP, and Republicanos announced support for Rogério Marinho as Senate president, today is the first in-person meeting of the Governors Forum 2023, and the Petrobras Board will vote on Jean Paul Prates’s appointment as president of the company

BRAZIL POLITICS · Report · 26 Jan 2023

With the support of the three parties, Senator Rogério Marinho (PL) has guaranteed at least 23 votes. However, he still does not have enough votes to defeat Rodrigo Pacheco (PSD-MG). Currently, Pacheco may have 40 to 48 votes – he needs over 41 votes to be re-elected in the first round. The Gover...

New US ambassador in Moscow

CIS POLITICS · In Brief · 26 Jan 2023

On January 25 Lynne Tracy arrived in Moscow. Her time as ambassador will not be easy as relations are their worst since the Cold War. She is the first woman to hold the post. Ms. Tracy was previously the deputy chief of mission in Moscow 2014-17. Ambassador Tracy will present her credentials soon...

Election milestones, ToS scenarios

TURKEY · Report · 22 Jan 2023 · 1 response

President Erdogan has more-or-less declared May 14 as the new date for elections and is expected to issue the executive decree abolishing the legislature during the second week of March. The first essay covers other important milestones on the way to elections, such the final dates to register as...

GULF WEEKLY: Bahrain-Qatar handshake in UAE, Sharjah’s 2030 fiscal plan, Kuwaiti pardon may ease deadlock

GULF COUNTRIES · Report · 20 Jan 2023

A skimmable summary overlaid with our analysis and links. Headlines: * Oil rose for a second week on expectations of Chinese demand growth. * The UAE hosted an Arab leaders summit, featuring a Qatar-Bahrain handshake but no Saudi Arabia. * Inflation rose in Qatar (the highest, at 5.9%), Duba...

The First Package: “Much Ado About Nothing”.

BRAZIL ECONOMICS · Report · 17 Jan 2023

Last week, measures were announced aiming to reduce the primary deficit in 2023 (summarized in Table 1). The largest part of the adjustment falls on the revenue side, based on revenues’ reestimation and increase, along with some temporary spending cuts. However, given the nature of Brazil’s fisca...