GlobalSource Partners | Country Insights

A busy week in the Senate Pandemic CPI. The Minister of Health, Marcelo Queiroga, is scheduled to testify. In the Senate, we highlight the provisional measure on Eletrobras, which could be voted on Thursday. On Tuesday, the PSDB will discuss the rules for the party primaries scheduled for Nove...

The new government is expected to be fiscally responsible

ISRAEL · Report · 07 Jun 2021

We view the new government as a positive development for the economy and fiscal policy (see the detailed analysis in our report). Broad unemployment has declined and further progress is expected when government support is reduced.

Minister of Health Marcelo Queiroga retestifies before the Senate’s COVID CPI and the Special Committee on Administrative Reform should be installed

BRAZIL POLITICS · Report · 07 Jun 2021

The provisional measure that deals with the privatization of Eletrobras may be voted on Thursday. The Special Committee on Administrative Reform should be installed this week. PSDB leaders meet to discuss the upcoming primaries. The IPCA should be published on Wednesday.

Russia will use prison labor to offset lack of immigrants

CIS POLITICS · In Brief · 07 Jun 2021

Since March 2020 there has been an outflow of guestworkers from former Soviet states. They mostly come from Uzbekistan, Tajikistan and Armenia.Prisoners shall be used to complete the Baikal Amur Mainline Railroad. 600 prisoners will start work in June 2021. BAM had 15,000 laborers before the pand...

Kazakhstan refuses to impose sanctions on the West

CIS POLITICS · In Brief · 07 Jun 2021

On June 5 the Kazakhs said they rejected Moscow's proposal for Eurasian Economic Union (EEU) countries to sanction Western countries. The EEU comprises these two as well as Belarus, Armenia and Kyrgyzstan. Kazakhstan is the second biggest economy in the EEU.Nursultan City said that the EEU is eco...

Serbia and Argentina are producing the Russian vaccine

CIS POLITICS · In Brief · 07 Jun 2021

On June 4 it was announced that the two countries are making the Sputnk V. Serbia's objective is to make 4 million doses.Argentina and Serbia will export the vaccine once they have satisfied their domestic needs. The Russian Direct Investment Fund is marketing the vaccine.

Summertime, when the livin’ ain’t easy

TURKEY · Report · 06 Jun 2021

The YouTube broadcasts of a Mafia boss Mr. Sedat Peker are still creating tremors in Turkish politics, as each installment brings new charges and new persona into the plot. The recent broadcasts have focused on AKP members receiving kickbacks and the illicit weapons trade to fundamentalist entiti...

The new government is expected to be fiscally responsible

ISRAEL · In Brief · 06 Jun 2021

Highlights:Politics: The new “change” government will be sworn in by next week, barring any unforeseen developments. We think this government is a positive development for fiscal policy and stimulating growth.Economic indicators continue to point to a strong recovery Broad unemployment declined t...

Sleepless in Cali

COLOMBIA · Report · 04 Jun 2021

Destabilization via vandalism, roadblocks in major cities and paralysis of the crucial Buenaventura seaport has been effective, proving Colombia quite vulnerable to obstructions in key logistical corridors. The country may be at a critical moment, similar to that of 1903, when Panama broke away. ...

Retail sales data was relatively strong in April

HUNGARY · In Brief · 04 Jun 2021

Retail sales fell 1% mom but rose 12.2% yoy, sda, in volume terms in April. The mom number was depressed by this year's Covid lockdown, whereas the yoy figure was greatly lifted by last year's lockdown, which resulted in an extremely big, 13.7% mom drop in April 2020.The conclusion from this data...

GULF WEEKLY: S&P negative on Bahrain, Aramco plans sukuk, Oman protests end, oil at a 2-year high

GULF COUNTRIES · Report · 04 Jun 2021

A skimmable summary overlaid with our analysis and links. Headlines: * There was positivity after the 5th round of US-Iran talks, but still no deal. Iran was also positive about its talks with Saudi. * Coronavirus cases continued rising in UAE, Kuwait and Oman but eased in Bahrain and Qatar. ...

Don't be fooled by randomness

TURKEY · Report · 03 Jun 2021

Consumer prices rose by 0.89% in May, lower than the consensus (and our) estimate of some 1.3%, which resulted in a drop in the 12-month rate drop --after 7 consecutive months of increase-- to 16.6% from 17.1% in April. On the other hand, producer prices (domestic-PPI inflation) rose by 3.9%, m/m...

Economics: Bits of promising news amid a complicated outlook

MEXICO · Report · 01 Jun 2021

Data released in May provided plenty of evidence of continuing economic weakness in Mexico, but also glimmers of what could be more positive developments to come, as reported numbers of Covid-19 cases continued to trend lower and pandemic-related restrictions continued to be phased out through mu...

Synthesis of the Brazilian Economy

BRAZIL ECONOMICS · Report · 01 Jun 2021

With the death toll still stubbornly high – 1,800 per day in the 7-day moving average – the second wave of Covid-19 contagion is poised to become the start of a new epidemic cycle. The premature relaxation of the rules on opening in sectors where physical proximity is the norm and the still slugg...

Turkey Covid Watch - June 1, 2021

TURKEY · Report · 01 Jun 2021

Covid cases continued to decline this week, albeit at a slower pace. The new measures were officially announced at a cabinet meeting yesterday, including relaxation of curfews and restrictions on intercity travel. In this installment of our Covid Watch, we also provide some illustrative calculati...