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Referendum on migration policy unlikely to be a market mover
HUNGARY · In Brief · 29 Sep 2016

Whatever importance the nationwide referendum on migration policy, due on Sunday, October 2, has for the long term, it is unlikely to be an immediate market mover. The vote, in which Hungarians may decide if they agree with the government in harshly opposing any compulsory refugee quota potential...

Rude Language and Awakenings
PHILIPPINES · Report · 29 Sep 2016

Judgment, it seems, came early for President Rodrigo Duterte. Not yet 100 days in office, the local currency hit a seven-year low of P48.25:$1, depreciating 3.5% since the start of the month while the main stock index retreated 3.1% over the same period, both worse than most regional peers.

Economics: Yawning Financing Gap Alarming
MEXICO · Report · 29 Sep 2016

Balance of payments data for the first half of the year and the General Economic Policy Criteria included in the government’s 2017 Economic Package reveal a risk factor for Mexico which, while not new, has grown in recent months: a double financing gap, or what economic theorists refer to as twin...

Politics: Political Crisis Continues to Deepen
MEXICO · Report · 28 Sep 2016

The political crisis plaguing the administration of President Enrique Peña Nieto and his governing party (PRI) deepened in the past three months, according to the results of the latest quarterly polling data from GEA-ISA as detailed in the report Mexico Politics, Society, and Change: Political Sc...

Progress on Tax Amnesty
INDONESIA · Report · 28 Sep 2016

The issue of the tax amnesty program took center stage in forums across the country. Many gatherings were conducted by official agencies and banks, including many held in various churches, to disseminate information on the tax amnesty. Most tax consulting offices have been overbooked and declined...

Chances of Meeting Deficit Target Diminish
DOMINICAN REPUBLIC · Report · 27 Sep 2016

We expected this year’s powerful capital spending expansion through April to be followed by sharp contraction, as authorities aimed to hit the 2.3% of GDP 2016 deficit target. But that didn’t happen – and we now have doubts that the government will be able to meet the target. Public investment...

Fiscal Questions Front and Center
CENTRAL AMERICA · Report · 26 Sep 2016

El Salvador faces significant challenges for economic policy. In the short-term, fiscal sustainability requires immediate attention. The political debate is overshadowing fundamental discrepancies over the economic and social model. An economic, social and political pact is necessary to redefine ...

Week of September 26
BRAZIL POLITICS · Report · 26 Sep 2016

The government may send the Social Security reform to Congress. Meetings with political and union leaders are scheduled throughout the week. However, due to the upcoming municipal elections, it is possible the matter may be postponed. Electoral advertising ends on Thursday, September 29, and the ...

Signs of Falling Inflation and the Start of the Easing Cycle
BRAZIL ECONOMICS · Report · 26 Sep 2016

With a negative output gap wider than in any period of falling inflation, and with the unemployment rate extremely high, important disinflationary forces are in place. However, the strong inertia, which has likely grown in recent years, and the steep increase of agricultural prices, with reflecti...

Rate Preview: Markets will react to the BOI macro forecast revisions
ISRAEL · In Brief · 25 Sep 2016

Main points: Recent economic indicators have been mixed but suggest steady growthThe labor market remains strong with unemployment remaining low.Employment growth remains respectable (0.2% m/m for ages 25-64).A tight labor market is expected to support wage pressure.Volatile service exports were ...

Week of September 25
TURKEY · Report · 25 Sep 2016

During his New York City visit, President Erdogan failed to persuade the White House to deport Pastor Gulen or abandon Syrian Kurds. His comments on economic policy might also have scared off a few investors. Despite ongoing differences with the U.S., however, we don’t expect a new fallout. Pe...

The South African Reserve Bank Continues its Rate Hike Pause
SOUTH AFRICA · Report · 22 Sep 2016 · 1 response

The South African Reserve Bank’s Monetary Policy Committee has once again decided to keep the benchmark interest rate at 7%. This marks the third consecutive time that the SARB did not change the repo rate since increasing it during the MPC’s March 2016 meeting. The prime lending rate has also ef...

Economics: Risk Sources Cloud Fiscal Outlook
MEXICO · Report · 22 Sep 2016

Mexico’s Ministry of Finance submitted its 2017 Economic Package to the Mexican Congress on September 8. The package includes the proposed Federal Revenue Budget, the General Economic Policy Criteria and the draft of the Federal Spending Budget. The various components of the 2017 package po...

Politics: Budget Bodes Ill for Public Security
MEXICO · Report · 22 Sep 2016

A good way to determine a government’s priorities is to see how it spends public resources; judging by the budgets and spending of the current administration public security does not appear to be one. The current presidential administration has from day one lacked a clear policy on security quest...

MPC: Easing Continues, More to Come
TURKEY · Report · 22 Sep 2016

​As expected, the Monetary Policy Committee cut the O/N lending rate by another 25 bps today to 8.25%, while the O/N borrowing and weekly rates were unchanged, at 7.25% and 7.5%, respectively. The width of the corridor has hence dropped further to 100 bps, while the spread between the O/N lending...

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