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COUNTRY INSIGHTS

Russia pandemic update: Looking for herd immunity and becoming less affected
RUSSIA ECONOMICS · Report · 01 Jun 2020

In the past two weeks, the daily number of confirmed cases has fluctuated between 8K and 10K, and its rate of growth decelerated from over 4% closer to 2%. The disease spread has seemingly stabilized in Russia. It cannot be ruled out that the new “generation” of viruses is now less aggressive tha...

GDP in the First Quarter and Perspectives
BRAZIL ECONOMICS · Report · 01 Jun 2020

In Brazil, the reaction to the pandemic only started in earnest in the second half of March, but this was sufficient to provoke 1.5% contraction in GDP for the first quarter. Although a campaign is clearly underway to relax the social distancing, the contagion curve is still increasing exponentia...

China virus check – week ending June 1
CHINA ADVISORY · Report · 01 Jun 2020

Our latest data for economic activity in China shows: 1) Slowing growth in coal consumption in the power industry but rising for iron ore blast furnaces. 2) Traffic congestion is flat. 3) Expressway traffic is variable, but with no trend. 4) Underground metro rail traffic is weak, apart fro...

Larger bond issuance is likely to be met with stronger BoI purchases
ISRAEL · Report · 01 Jun 2020

The economy continues to open up, despite an increase in Covid infections in some schools. Credit card purchases in the second half of May reached 96% of the January-February level. Government bond issuance increased by 24% in June to 13bn ILS, indicating concern regarding a large fiscal deficit...

​Preparing for the “new normal”
INDONESIA · Report · 01 Jun 2020

Indonesia was “officially”​ hit by COVID-19 in early March 2020. In the period of three months after the official announcement, various efforts have been made by the government to mitigate the harsh consequences of the semi lockdown implemented to cut down on the spread of the virus. Many people ...

Russia loses monopoly on Space Station travel
RUSSIA / FSU POLITICS · In Brief · 31 May 2020

On May 30 SpaceX ferried people to the International Space Station (ISS). SpaceX is a US company owned by Elon Musk. Until now Russia was the only country to transport people to the ISS. SpaceX's flight is the first ever crewed flight by a private space company. Roscosmos will not like this. Rosc...

Summer brings new hopes
TURKEY · Report · 31 May 2020

Turkey’s COVID-19 daily case figures declined to three-digits on Saturday, allowing the administration to lift several restrictions on economic activity and social mobility. Most nations had to make that painful choice between public health and economic prosperity. Turkey, too, is normalizing bef...

Larger bond issuance is likely to be met with stronger BoI purchases
ISRAEL · In Brief · 31 May 2020

Highlights of the Weekly Israel Macro Wrap Up: The economy continues to open up: Restaurants, pools, health clubs and hotels have opened up. Entertainment venues are scheduled for mid-June. Incoming/outgoing tourism will remain restricted until July, at least. Credit card purchases declined by 26...

Moscow offers antibody tests as normality returns
RUSSIA / FSU POLITICS · In Brief · 31 May 2020

On May 27 it was announced that anyone can get a free test for coronavirus antibodies. But they have to register 14 days in advance and wait 3 days for a result. The state wants to know how widespread the antibodies are. The news shows that the health system is no longer groaning as it was a mont...

90% of Russian businesses have not received government support
RUSSIA / FSU POLITICS · In Brief · 30 May 2020

On May 28 the business ombudsman complained that only 10% of businesses have received emergency financial support so far. Over 50% of businesses are in crisis. About 60% say their chances of survival are even.Boris Titov - the business ombudsman - submitted a report to the president presenting th...

Guedes asks for cooperation
BRAZIL POLITICS · Report · 29 May 2020

After first quarter Gross Domestic Product (GDP) contracted by 1.5%, and in view of the intensification of the institutional dispute between the Executive Branch and the Supreme Federal Court (STF), Minister of Economy Paulo Guedes made an appeal for cooperation. In a virtual seminar promoted by ...

EU sending Ukraine EUR 500 million
RUSSIA / FSU POLITICS · In Brief · 29 May 2020

On May 29 the European Union signed off on sending a loan of EUR 500 million to Ukraine.The European Commission ( the EU's executive) approved the payout. It will be completed within 14 days. The EU is pleased with Ukrainian reform in banking, energy and healthcare. Since 2014 Ukraine has receive...

COSTA RICA: Finance Minister asked to resign
CENTRAL AMERICA · In Brief · 29 May 2020

Finance Minister Rodrigo Chaves resigned yesterday after a conversation with President Alvarado. Alvarado was not happy with the way Chaves had handled his discrepancy with a law taking the municipal governments out from compliance with the fiscal rule. Chaves sent an open letter to the President...

Former Ukrainian president under investigation
RUSSIA / FSU POLITICS · In Brief · 29 May 2020

On May 27 an art gallery was raided by the SBI because it contained paintings owned by Poroshenko. Petro Poroshenko is being investigated by the SBI (the Ukrainian equivalent of the FBI). He is accused of illegally importing 43 paintings. He has put them on display.Former President Poroshenko has...

South Africa’s economy moves down to lockdown Level 3
SOUTH AFRICA · Report · 29 May 2020

​It has been a long and challenging two months for most South African businesses and workers due to the country lockdown that followed shortly after a state of emergency was declared on account of the Covid-19 pandemic. Therefore, President Ramaphosa’s address on May 24 announcing that the countr...

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