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COUNTRY INSIGHTS

Financial outflows have had more of an impact than the CA surplus
ISRAEL · In Brief · 22 Sep 2024

Geopolitics: The past few days witnessed an escalation in the level of hostilities in the North, in retaliation for Israel’s air attack on top Hezbollah operatives in Beirut and the bipper attack (which Israel has yet to claim responsibility). Limitations were placed north of Haifa (including) re...

The economy this week, in brief
TURKEY · Report · 22 Sep 2024

Service production declined slightly in July, over the previous month. Looking at industrial production, total trade and services indices together suggests, economic activity, broadly speaking, was in a stagnation mode rather than in steep contraction mode – as of July. The overall budget post...

Implications of the US election for the GCC
GULF COUNTRIES · Report · 20 Sep 2024

This article provides an overview of the state of the race as of today (mainly of interest for those outside the US) and considers how the US administration that governs in 2025-28 might impact the region, economically and politically, and how the Gulf states view Trump and Harris and are prepari...

GULF WEEKLY: UAE fiscal surplus soars, UAE advances trade and AI deals, Saudi-Bahrain aluminum partnership considered, Israel detonates Hezbollah comms devices
GULF COUNTRIES · Report · 20 Sep 2024

A skimmable summary overlaid with our analysis and links. Headlines: * Most Gulf states cut interest rates by -50bp, though Qatar did -55 and Kuwait -25. * Brent crude rose by 4% to a three-week high of $74 on the back of broad market optimism. * UK and EU officials visited the GCC to advanc...

Prime rate held at 13.0% amid rising inflation risks
UKRAINE · In Brief · 20 Sep 2024

On September 19th, the NBU Board left the prime rate unchanged at 13.0% for the second consecutive time, after cutting it by 50 basis points in June. Accelerating inflation (+0.6% m/m and +7.5% y/y in August), the recent turbulence in the FX market, potential tax increases, and rising costs due t...

TOPIC OF THE WEEK: CCA Quarterly Outlook-3Q24
CAUCASUS / CENTRAL ASIA · Report · 20 Sep 2024

We provide the quarterly update of our country “cheat sheets”. The evolution of macroeconomic activity has been strong in 2024, and we have upgraded our full-year CCA GDP growth to 6.3 percent (5.8 percent previously) vs the 6.2 percent posted last year. This has been chiefly due to better perfo...

Webinar Replay - Argentina: Upcoming triggers and remaining concerns
ARGENTINA · Report · 20 Sep 2024

Visit our calendar page to watch the replay of our webinar featuring Domingo Cavallo discussing Argentina's economic outlook in a conversation with Murilo Riccini, Bradesco BBI’s Andean & Argentinean Strategist. What are the strengths and weaknesses of Argentina’s fiscal adjustment? What is the d...

Central Asia changing
RUSSIA / FSU POLITICS · Report · 20 Sep 2024

The five former Soviet republics in Central Asia are changing. Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan are easily remembered by the mnemonic "KKTTU". Kazakhstan, Turkmenistan and Uzbekistan are rich in oil and gas. Kazakhstan also has metals and other precious chemicals...

POGO Operations in the Philippines: A case of violating Philippine laws
PHILIPPINES · Report · 20 Sep 2024

For the past several months, Filipinos have been closely monitoring what is now considered as an extraordinary case involving a Chinese national who seemed to have succeeded in securing Filipino citizenship, conducting business in the northern province of Tarlac and managing to win an elective po...

Talking points from the webinar "Upcoming triggers and remaining concerns"
ARGENTINA · Report · 20 Sep 2024

Javier Milei started his presidency of Argentina with a strong condemnation of traditional politics, unions and professional corporations, and the role of the state as a resource allocator and redistributor of income and wealth. Once in office, he continued with the same rhetoric but sought to ma...

The SA Reserve Bank cuts rates as inflation comes within target and the rand strengthens
SOUTH AFRICA · Report · 20 Sep 2024

Bringing the benchmark interest rate down for the first time since embarking on a relatively aggressive monetary policy normalization that started in November 2021, the SA Reserve Bank’s Monetary Policy Committee (MPC) voted to cut interest rates by 25 basis points during their September 2024 mee...

Armenia claims it thwarted coup involving Russia as relations sour even more
RUSSIA / FSU POLITICS · In Brief · 20 Sep 2024

On September 18, Armenian news reported that Armenia foiled a coup attempt. It was alleged as hatched by a faction recruiting and educating in Russia. Three people were arrested in connection with the plot. An investigation has been launched into seven suspects, five Armenian nationals and two fr...

A dark fourth quarter, continued
ECUADOR · In Brief · 19 Sep 2024

As a follow up and complement to our monthly report for September, we present here the latest update from the Central Bank to forecast GDP growth this year. The Central Bank has downgraded y/y growth from 1% to 0.9% in view of the unpublished yet results for H1. Although we concur with a lower y/...

Groundhog Day
BRAZIL ECONOMICS · Report · 19 Sep 2024

The Monetary Policy Committee (Copom) decided to hike the target for the benchmark Selic rate from 10.50% per year to 10.75% per year, in line with expectations from both analysts and market participants. The upward revision of the output gap estimate — thought to be near zero at the last Copo...

Policy rate unchanged, as expected, statement arguably more dovish
TURKEY · Report · 19 Sep 2024

The CBRT/MPC kept the policy rate unchanged at 50% at today’s meeting, in line with expectations. As for the statement (link here), we’ve noted a few modifications that could all together be interpreted as, arguably, having moved it in a more dovish direction.

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