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The President’s Very Full Plate
DOMINICAN REPUBLIC - Report 30 Jun 2016
Economic activity continues to expand rapidly. Monthly growth in April was up 10.1% over April 2015, and up 7.1% January through April. We expect lower figures starting in May, as public spending moderates. Inflation remains low, with annualized inflation at 1.71%, well below the 4% (± 1.0%) tar...

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Politics: A New Electoral Outlook for 2018
MEXICO - Report 30 Jun 2016
GEA-ISA’s newest survey of voter preferences shows significant changes in the political-electoral landscape in the immediate wake of the elections that took place June 5. The public’s evaluation of President Enrique Peña and his administration is the worst seen in his three and a half years in of...

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Guatemala: No Surprises
CENTRAL AMERICA - Report 29 Jun 2016
The IMF mission working on the Article IV report for Guatemala delivered no surprises. The team’s end-of-mission report, published at the end of May, expressed no worries with Guatemala’s short-term economic outlook, but reaffirmed its national structural problems. We agree with those findings. ...

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Last month’s data is positive for Chinese prospects
CHINA FINANCIAL - Report 29 Jun 2016
Special points to highlight in this issue: • Investment growth decelerated sharply in May. This was already pretty clear from the year-to-date numbers released by the NBS, but even more clear once the May data was disaggregated. In May investment grew by around 6%, bring year-to-date growth down...

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​This is not terror, it is denial and delusion
TURKEY - In Brief 29 Jun 2016
With a heavy and bitter sense of déjà vu, once again I write about terror in Turkey. The target is Turkey’s pride international airport. The prime suspect ISIS, casualty count so far: 36 dead and 147 injured. Lessons drawn: Nil. Conclusion: Expect more attacks, a devastation of the tourism indust...

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Is Turkey breaking out of her “Splendid Isolation”?
TURKEY - In Brief 27 Jun 2016
In as much as the policy stance is defended in terms of high-flouting ideals and values, Turkey’s foreign policy stance in the region has largely been by necessity “Splendid Isolation” as described by presidential spokesperson Mr. Ibrahim Kalin. From Assad, to Sisi to Putin, Mr. Erdogan managed t...

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Week of June 27
BRAZIL POLITICS - Report 27 Jun 2016
​The government will announce a new fiscal target for 2017. The National Monetary Council will set the inflation target for 2018. Data on the public accounts will also be published. On Friday, July 1, the Ministry of Development presents the trade balance for June. Henrique Meirelles meets with S...

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BOI: Rate stability with downward growth revision
ISRAEL - Report 27 Jun 2016
The MPC announced today that policy rates will remain stable in July at a level of 0.1%. The BOI has maintained the present policy rate level since March 2015.

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What Will be the Course of Monetary Policy?
BRAZIL ECONOMICS - Report 27 Jun 2016
When on Tuesday (June 28th) the Central Bank releases the Inflation Report for the second quarter, Ilan Goldfajn has a good opportunity to analyze both the legacies received and the course corrections he intends to impose on monetary policy. The first legacy comes from the extremely expansionary ...

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Uncertainties Persist
CHINA - Report 27 Jun 2016
Uncertainties about growth are lingering. Fixed asset investment rose 7.5% y/y in May, a 4.2 pp plunge from Q1, and only slightly higher than the September nadir. That was due to a major drop in private investment growth, up only 0.9% y/y, a 4.8 pp fall from Q1. Value added for major industrial ...

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A roundabout way to measure corporate distress in Turkey
TURKEY - In Brief 27 Jun 2016
On Friday, a reader asked me and Dr Ucer about corporate distress in Turkey. I consider this topic of great interest to economic stability and market performance after Brexit in particular, because of my fear that UK and EU origined banks might restrict credit to the periphery including Turkey, w...

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Week of June 26
TURKEY - Report 26 Jun 2016
​On the eve of the 9-day Id of Ramadan, Turkish politics has become rather boring, hence the politics section of the Weekly Tracker uses this opportunity to assess the potential impact of Brexit on the Turkish economy, markets and politics. While there are some good case scenarios, we don’t find ...

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Reality takes over: first reaction to Britain's exit vote from Hungary's perspective
HUNGARY - In Brief 24 Jun 2016
So it finally happened: the UK voted itself out of the EU yesterday. The consequences are pretty much incalculable at this point, but a summary of the key factors from Hungary's perspective may be still useful. Here is list, as a kind of a first reaction:1. Uncertainty. The biggest problem. Nobod...

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Speed bumps ahead…for a while
PANAMA - Forecast 24 Jun 2016
Real GDP expanded 4.58% in Q1, down from the 6.2% growth of Q1 2015, and far below the finance minister’s 5.7% growth projection. Electricity, gas and water supply, construction, mining, and social services were the fastest-growing sectors in Q1, according to these official figures, while agricul...

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Hungary's football success is to reinforce PM Orbán's position in domestic politics
HUNGARY - In Brief 23 Jun 2016
For Hungary, today's Brexit vote is by far not the most important political event of these days. The one on the top of the list is Hungary's national football team's incredible success at the European Football Championship (Euro 2016) in France, namely that they won Group F of the qualifiers last...