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COUNTRY INSIGHTS

The government orders a lockdown to confront the threat of COVID-19
DOMINICAN REPUBLIC · In Brief · 18 Mar 2020 · 1 response

Last night, President Medina announced a set of policy measures to confront the threat of the novel coronavirus. He announced that he will request Congress the declaration of National Emergency. The usefulness of this is not clear and for what exactly would he use the powers granted by the declar...

Duque government declares state of economic emergency
COLOMBIA · In Brief · 18 Mar 2020 · 2 responses

Yesterday night, president Duque addressed the Nation, announcing the decision of the cabinet of ministers to declare a state of economic emergency, which under the Constitution gives the government the capacity to legislate by issuing government decrees, without the need of going through the nor...

Forecasting in a time of radical uncertainty (2)
PHILIPPINES · In Brief · 18 Mar 2020

On Monday, as it became evident that putting Metro Manila on lockdown was not going to significantly limit the movement of people, President Rodrigo Duterte, upon the recommendation of health officials, expanded the lockdown to the entire island of Luzon, imposing strict home quarantine on all ho...

MNB calls for a debt moratorium also for households, forint at new historic low
HUNGARY · In Brief · 18 Mar 2020

This morning, the MNB called on domestic banks for the extension of a debt moratorium also for their household clients, in view of Covid-19 pressures, in a way similar to their earlier call that referred to institutional clients (more accurately enterprises). The formula used by the Bank's commun...

More economic measures in Brazil to combat the impact of the coronavirus
BRAZIL POLITICS · Report · 17 Mar 2020

It is evident that the federal government´s engagement is increasing. Yesterday the government decided to create a crisis cabinet in the presidency, coordinated by the chief minister of the Civil House, General Braga Netto, along with sixteen other ministers, the president of the Central Bank, th...

Central Bank of Chile extraordinary measures
CHILE · In Brief · 17 Mar 2020

Following other central banks around the globe, in an extraordinary monetary policy meeting the Board of the Central Bank of Chile yesterday decided to lower the monetary policy interest rate by 75 bp to 1%. The decision was supported by three of the five board members (President Mario Marcel, Vi...

Audi is stopping production for two-three weeks next Monday
HUNGARY · In Brief · 17 Mar 2020

The Hungarian subsidiary of Audi announced today that it will gradually close down production this week and remain fully closed for the subsequent two-three weeks, due to the problems generated by Covid-19. These problem partly come from falling demand and partly from the increasing shortage of c...

Emergency plan cut with a political scalpel
ECUADOR · Report · 17 Mar 2020 · 1 response

The government issued an emergency plan that expects to raise $2.26 million coming from a $1.4b reduction in expenditures in goods and services ($800 current and $600 capital), an increase of 0.75% in the retention of income tax ($420 million), a 5% one-time tax on vehicles above $20,000 ($220 mi...

A risky emergency cut from the CBRT
TURKEY · In Brief · 17 Mar 2020

At an emergency meeting convened today --two days ahead of its regular meeting, the CBRT/MPC reduced the policy rate (weekly-repo) by 100 bps to 9.75% (see chart). The Bank also came up with a number of measures targeted at easing both lira and foreign currency liquidity, as well as trying to ens...

Coronavirus measures - an update
BRAZIL POLITICS · Report · 16 Mar 2020

President Jair Bolsonaro continues to fuel controversy with the Speakers of the House and the Senate over budgeting issues. In a radio interview on March 16, he said that he welcomes with open arms an understanding with the leaders of the Congress about the matter. Meanwhile, the government is di...

Russia and viruses: balances to shrink as global recession nears
RUSSIA ECONOMICS · Report · 16 Mar 2020

After the Fed cut its rate nearly to zero and announced plans to massively expand its balance in an attempt to limit the effects of a forthcoming global recession, US stock market futures plummeted by around 5%, followed by a deep contraction in Europe, including Russia. This panic sent the oil p...

Economics: Public finance numbers foreshadow big challenges
MEXICO · Report · 16 Mar 2020

The current administration’s handling of fiscal policy to date poses serious budgetary and financial challenges going forward about which we can glean some warning signs in the latest public finance data. That trajectory will be a determining factor for Mexico’s macroeconomic stability over the s...

Measures to combat the coronavirus
BRAZIL POLITICS · Report · 16 Mar 2020

Several companies throughout the country are beginning to establish work-from-home policies. Classes in schools and universities are being suspended. There are doubts as to whether the National Congress will function over the next few weeks. The government will announce new measures to contain th...

New game rules set by Covid-19: tighter MNB and looser fiscal policy
HUNGARY · Report · 16 Mar 2020

The negative effects of Covid-19 on the domestic economy already appear significant, and the negative potential is quite large going forward. Tourism is definitely taking a very hard hit, although it is not a major contributor to GDP in any case. Some subsectors of manufacturing, especially the p...

Zelenskiy commits to the IMF priority amid COVID-19 economy stop
UKRAINE · In Brief · 16 Mar 2020

We are sinking into COVID-19 hysteria fast. Only five confirmed cases in Ukraine (one death) but tension is snowballing. Last week the authorities closed schools and universities for quarantine. From March 17th Ukrainian borders will be locked. And today many cities, including Kyiv-city, announce...

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