GlobalSource Partners | Country Insights

It looks as though the pandemic has become less of an issue as Russia’s daily COVID-19 incidence rate fell to below 70K on March 8 from around 200K a month before. People almost stopped getting vaccinated, and the relative unimportance of pandemic-related issues became even more vivid for ordinar...

The MNB will need more robust action, the government is doing what it can

HUNGARY · In Brief · 07 Mar 2022

With the forint at EURHUF 395-400 today and down by 10% since the start of the war, it looks like the MNB will have to intensify tightening efforts this week. Unless the ECB provides extra help to the MNB to protect the forint, which may be wishful thinking on our part, the sterilisation rate wil...

Unintended consequences galore

TURKEY · Report · 06 Mar 2022

The politics author hereby serves notice that he temporarily suspended all election scenarios, be they early, late or never. Why? Please look inside… Many historians call the Ukraine War the gateway to the second Cold War, which may be a bit premature, but it is certainly having long-term spil...

Georgia and Moldova apply for EU membership

CIS POLITICS · In Brief · 06 Mar 2022

On March 3 two former Soviet republics submitted their applications. They have been candidates for EU membership for years. They are both worried about Russian encroachment. There are Russian troops in both Moldova and Georgia against the wishes of the government of those countries. Moscow says i...

Yet more sanctions on Russia as Putin threatens to end Ukrainian statehood

CIS POLITICS · In Brief · 06 Mar 2022

On March 5 Putin said that if Ukraine continues to resist he might end its independence and that would be all Ukraine's fault. Until now Putin's goals were regime change and the annihilation of the Ukrainian Military. Reintegrating Ukraine had not been an objective. This objective is seen by pund...

More sanctions Russia as Moscow cracks down on the media

CIS POLITICS · In Brief · 06 Mar 2022

On March 5 Singapore announced it was restricting Russian banks access to its market. There will be export controls on items going to Russia and restrictions on cryptocurrencies trading with Russia. Singaporean finance will be prohibited from doing anything that might support the Russian Central ...

No light at the end of the tunnel

RUSSIA ECONOMICS · In Brief · 04 Mar 2022 · 1 response

At this stage, it is hard, if not impossible, to envisage more or less accurately what may happen this year with the Russian economy, as even while writing a relatively short note, the news keeps coming one after another. A growing number of foreign companies suspend their trade operations with R...

GULF WEEKLY: OPEC+ sticks with taper, PMIs rebound, Sharjah’s budget looks tight

GULF COUNTRIES · Report · 04 Mar 2022

A skimmable summary overlaid with our analysis and links. Headlines: * Gulf states voted yes in the UN General Assembly Ukraine resolution, although UAE earlier abstained at the Security Council. * Qatar, Saudi and UAE all had calls with Putin and/or Zelenskyy, with talk of mediating. * OPEC...

Forint weakening continues, the MNB spoke again today

HUNGARY · In Brief · 04 Mar 2022

Life has quickly stepped over our wish that yesterday's interest rate hike by the MNB should stabilise the EURHUF exchange rate for more than one afternoon. The forint fell to EURHUF 386-387 today, before correcting back slightly, by just one unit, when the MNB stepped in with a verbal interventi...

What can we expect from the Two Sessions?

CHINA FINANCIAL · Report · 04 Mar 2022

Special points to highlight in this issue: * Tomorrow the Two Sessions will begin, during which Beijing will set targets and objectives for policies involving the economy, the military, trade, diplomacy, the environment and more. As part of the meeting Beijing will probably announce the G...

President Bolsonaro announces economic measures, the Senate should vote on bills related to fuel prices next week, and the PDT, MDB and União Brasil will start airing their advertisements

BRAZIL POLITICS · Report · 04 Mar 2022

During his weekly livestream, Bolsonaro announced that the water scarcity fee will end in April. Among the possible measures to stimulate the economy are allowing access to FGTS resources so that people can pay off their debts, as well as the issuing of credit for companies in an estimated value ...

February inflation at 3%

PHILIPPINES · In Brief · 04 Mar 2022

The Philippine Statistics Agency (PSA) reported today that the headline inflation rate averaged 3% in February, the midpoint of the BSP’s 2-4% inflation target.The relatively benign inflation outturn, despite the 13.5% yoy increase in electricity prices and 6% yoy rise in local fuel prices during...

Chinese dominated bank stops lending to Russia

CIS POLITICS · In Brief · 04 Mar 2022

On March 3 the Asian Infrastructure Investment Bank (AIIB) said it was suspending lending to Russia and Belarus. Russia's debt rating has been reduced to junk. The AIIB made the move on the basis of the ''best interests of the bank.''This will come as a deep disappointment to Moscow. China is not...

The eighth day of war: bombardment of civilians and difficult stance at the South

UKRAINE · In Brief · 03 Mar 2022

No big changes at the front. Belorussians do not move. Ukrainian army cleans the remains of Russians around Kyiv. Difficult situation at the South with several towns surrounded and blocked by Russian forces. Russians intentionally bombard residential areas of the towns with artillery targeting mo...

Inflation already above the CBRT's upper band

TURKEY · Report · 03 Mar 2022

Consumer prices rose by 4.8%, m/m, in February, significantly higher than the consensus forecast of 3.8% (and our even somewhat more optimistic forecast), with the 12-month CPI inflation increasing further to 54.4%, from 48.7% in January. This is the ninth consecutive month of increase in CPI inf...