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COUNTRY INSIGHTS

January inflation: as bad as expected
TURKEY · Report · 05 Feb 2024

Consumer prices rose by 6.7%, m/m, in January, somewhat higher than the market consensus of 6.5%-6.6%, with the 12-month rate rising slightly to 64.9%, from 64.8% a month ago. Wage hikes, particularly the increase in the minimum wage, as well as the beginning-of-the year price/tax adjustments wer...

Congress resumes activity today, the government outlines its priorities for the year, and unions may reach an agreement to end civil servants' strike
BRAZIL POLITICS · Report · 05 Feb 2024

The legislative year is set to begin today at 3 p.m. in a formal session of the National Congress. According to the Minister of Institutional Relations, Alexandre Padilha, the government should detail its list of priorities for 2024 right after Carnival. The municipal elections in October will dr...

Kazakh government dismissed
RUSSIA / FSU POLITICS · In Brief · 05 Feb 2024 · 1 response

On February 5 the entire cabinet was dismissed by President Tokayev. He appointed a new acting prime minister: Roman Sklyar. Sklyar previously served as deputy prime minister. He is ethnically Russian and is the first ethnic Russian to hold this post since the Soviet era. In 2019 the entire cabin...

Despite the Fed's more hawkish message, a February rate cut cannot be ruled out
ISRAEL · Report · 05 Feb 2024

1. Domestic private consumption has recovered rapidly, in part due to the lack of Israelis traveling abroad. 2. The shekel appreciated sharply last week, partly due to optimism regarding a possible ceasefire. 3. A rate cut in February is possible, depending on January’s CPI, the shekel and ...

Fiscal sustainability over growth in the Philippines?
PHILIPPINES · Report · 05 Feb 2024

We were most disappointed that Socio-Economic Planning Secretary Arsenio Balisacan should explain that lower public spending in the last quarter of 2023, and in the same context, its flat growth rate for the whole year of 2023, was due to the government’s fiscal consolidation plan. The government...

Russian Deputy Foreign Minister in South Korea
RUSSIA / FSU POLITICS · In Brief · 05 Feb 2024

On February 4 the visit by Andrei Rudenko to Seoul took place. Russo-South Korean relations were discussed as well as the Ukraine War. Rudenko met his South Korean opposite number. Rudenko has special responsibility for Asia-Pacific matters in the Russian Foreign Ministry. South Korea voiced its ...

February rate cut cannot be ruled out
ISRAEL · In Brief · 04 Feb 2024

Private consumption continues to rebound, but slows in January: December witnessed a 12% m/m jump in credit card purchases following 8% increase in November, erasing the 16% contraction in October. Real-time data from the BoI reflect a further 4% increase in January, with a slowdown in the second...

Change at the CBRT and other news
TURKEY · Report · 04 Feb 2024 · 1 response

The CBRT Governor Hafize Gaye Erkan has departed under vague circumstances, to be replaced by Deputy Governor Fatih Karahan. Her successor’s reign will not witness a change in monetary policy settings, but could arguably create an opportunity to tighten it modestly. The political lesson from this...

Putin addresses ''Everything for Victory'' conference as ware causes labor shortages
RUSSIA / FSU POLITICS · In Brief · 04 Feb 2024

On February 3 Putin spoke at the conference, which revived a World War II slogan as its title. The Russian president said that Russia must produce everything it needs or national sovereignty will be jeopardized. He returned to his favorite themes of national defense. He warned that if Russia is n...

In the midst of a storm
VENEZUELA · In Brief · 02 Feb 2024

In the midst of a storm Given the political disqualification of María Corina Machado using a Supreme Court of Justice (TSJ) judgment that violates all principles of due process and breaches provision 3.11 of the Barbados Agreement, the U.S. State Department reacted by suspending General License 4...

Maduro’s Unnecessary and Costly Disruption
VENEZUELA · Report · 02 Feb 2024

This article was originally published in Americas Quarterly on January 31, 2024. Few expected a complete resolution of Venezuela’s political crisis this year. But many did hope, at least, for substantial progress towards a democratic transition that would put the country’s citizens first, capp...

GULF WEEKLY: Saudi slows oil expansion, IMF reveals stronger Oman surpluses, Kuwait budgets a big deficit, US soldiers killed in Jordan
GULF COUNTRIES · Report · 02 Feb 2024

A skimmable summary overlaid with our analysis and links. Headlines: * Brent crude eased back to $79, and OPEC+ delayed making a decision on Q2 output. * An Iraqi militia drone killed 3 US soldiers, the first during the Gaza war, with retaliation expected. * Qatar participated in Gaza ceasef...

The verdict from the Supreme Court is out: Martinelli will not run in the 2024 elections; he will go to prison and pay a fine.
PANAMA · In Brief · 02 Feb 2024

Today, the Supreme Court rejected the appeal for annulment filed by Martinelli's legal team, marking the last opportunity for the former president to challenge the verdict of a 128-month prison sentence and a fine of USD$19.2 million for money laundering (in the "New Business" case) to purchase a...

Kazakhstan macro: 2024 Budget risks arising from strong tenge, low 2023 tax revenues
KAZAKHSTAN · Report · 02 Feb 2024

According to the Ministry of Finance's recently published 2023 annual budgetary statistics, it appeared that the republican budget deficit didn’t deviate much from the target even though tax revenues lagged well behind the plan. The government lacked tax revenues due to an overvalued tenge. The l...

Lula participates in Marta Suplicy’s accession to the PT, Congress resumes activity next week, and the government may launch the Voa Brasil program
BRAZIL POLITICS · Report · 02 Feb 2024

Today, President Lula participates in Marta Suplicy’s accession ceremony to the PT. Marta left the MDB and returned to the PT to run as vice mayor alongside Guilherme Boulos (PSOL) for mayor of São Paulo. Next week, the National Congress will resume activity. Some issues will be prioritized with ...

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