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COUNTRY INSIGHTS

Costa Rica: Monetary Policy Report 2022-2023
CENTRAL AMERICA · Report · 01 Feb 2022

On January 28, the Central Bank of Costa Rica released its Monetary Policy Report for 2022-2023 (previously known as the "Macroeconomic Program"). The main indicators can be found in our report. The Central Bank included preliminary estimates for 2021, with better results than expected in some...

Russia's pandemic/political update: war of words in parallel worlds
RUSSIA ECONOMICS · Report · 01 Feb 2022 · 1 response

As the Omicron strain entered Russia, the country’s daily COVID-19 incidence rate soared, having nearly attained 100K cases on January 28, and continued its upward journey quite fast in the days that followed, having reached nearly 126K as of February 1. This was not an unexpected increase as the...

The Supreme Federal Court returns from recess, Bolsonaro addresses the fuel issue, and the presidential candidates continue to make moves
BRAZIL POLITICS · Report · 01 Feb 2022

The Supreme Federal Court has scheduled a court session to mark the beginning of the year for the Judiciary. The year will begin with a few points of tension. Bolsonaro did not appear for his testimony at the Federal Police last week, disregarding a decision by Minister Alexandre de Moraes. Bolso...

Highlights of the India Budget 2022-23
INDIA · Report · 01 Feb 2022

Finance Minister of India Nirmala Sitharaman presented the Union Budget 2022-23, in which she proposed a big boost to capital expenditure and announced several infrastructure projects to pump-prime private investment and economic recovery. The focus of the policy response to Covid-19 has been on ...

More certainty about the EU's rule-of-law mechanism
HUNGARY · In Brief · 01 Feb 2022

After a long series of various speculations, it has been officially announced that the European Court will declare its ruling on the legality of the EU's new fiscal rule-of-law mechanism on February 16. On the same topic, EU's law enforcement commissioner, Didier Reynders said that the decision i...

The monetary policy rate rises again
DOMINICAN REPUBLIC · In Brief · 01 Feb 2022

The Central Bank decided to increase the monetary policy rate for the third time since last November. The increase has been 50 basic points, passing the rate from 4.5% to 5.0% per year. The change implies that the rate of the permanent facility for liquidity expansion (1-day Repos) increases from...

Peru: New political crisis looms
PERU · In Brief · 31 Jan 2022

A few minutes ago, Ms. Mirtha Vasquez, the Prime Minister, resigned. This follows last week resignation of interior Minister, Mr. Avelino Guillen on the back of President Castillo decision to support General Gallardo in the police and failing to back his plan to clean up the police. Although the ...

Tokayev disempowers Nazarbayev even more
RUSSIA / FSU POLITICS · In Brief · 31 Jan 2022

On January 28 the president became leader of the ruling party: Nur Otan. Nazarbayev has also been removed as the chair of the people's assembly. He retains the title "Leader of the Nation". However, that appears to be meaningless. Some members of Nur Otan are unhappy at the way January's unrest w...

India- Central Asia online summit
RUSSIA / FSU POLITICS · In Brief · 31 Jan 2022

On January 27 the summit took place and involved the Indian Prime Minister and the presidents of all five countries in the region. India would like to spread its influence in the region. This is partly to counter Chinese presence in Central Asia. China already has a military base in Tajikistan. P...

Costa Rica: Elections critical for the IMF deal and macroeconomic performance
CENTRAL AMERICA · Report · 31 Jan 2022

Costa Rica´s presidential election is around the corner. With a record number of candidates, growing voter dissatisfaction and a large percentage of undecided voters, the winner is still uncertain. Four candidates are struggling to win a spot for the second round in April. Their economic views re...

Politics: Institutional weakening – a severe threat to Mexico’s development
MEXICO · Report · 31 Jan 2022

Policies to promote economic modernity since the 1980s and political democratization from the beginning of the century until 2018 created a good, but fragile and insufficient institutional framework in Mexico. Such policies included expanded freedoms for private sector participation in previously...

The race for the center and other weekly topics
BRAZIL POLITICS · Report · 31 Jan 2022

The Judiciary and Congress return to work this week. In Congress, no significant votes are expected for this week. In terms of the economy, the first Copom meeting to decide the basic interest rate should be highlighted. Anatel judges the sale of Oi on Monday, January 31. Two new polls on the pre...

Monetary Policy Committee minutes: the NBU planned to hike policy rate by 2ppt but calmed down eventually
UKRAINE · In Brief · 31 Jan 2022

The minutes of Monetary Policy Committee (MPC) meeting revealed a very interesting point. A majority of MPC members supported the idea to hike the policy rate by 2 ppts up to 11% already in January. One member even claimed that a 12% policy rate is a proper level for current uncertainty. The "Rus...

Synthesis of the Brazilian Economy
BRAZIL ECONOMICS · Report · 31 Jan 2022

Although still in the phase of accelerated growth in the country at large, there are signs that the outbreak of the Omicron variant is stabilizing in the states of São Paulo and Rio de Janeiro. As has been detected in other countries, the new variant is highly transmissible but less lethal in peo...

Economics: January data show growing challenges for the Mexican economy in 2022
MEXICO · Report · 31 Jan 2022

The economic news published in January provides further evidence that the most immediate hurdles facing the Mexican economy this year include the upsurge in inflation and the extent to which the recovery has been losing steam. Those challenges emerge at a time when public finance continues to wea...

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