GlobalSource Partners | Country Insights

Minfin reported that the federal budget deficit in February decreased to R821 bn (versus R1760 bn in January) as non-oil-and-gas tax collection improved and reached R1286 bn (versus 931 bn in January). The oil-and-gas tax flow was poor in both months as the price for Russian oil remained below $5...

Synthesis of the Brazilian Economy

BRAZIL ECONOMICS · Report · 06 Mar 2023

Just In the few weeks since assuming office, the new government has been repeating the imprudent pattern of confronting the limits imposed on its power by the established rules, as is typical of autocracies of the right or left. Unlike Bolsonaro, who left decisions on economic questions largely i...

Politics: Significance and implications of the second mass civil society mobilization

MEXICO · Report · 06 Mar 2023 · 1 response

A new potential force is entering the electoral panorama in Mexico and it might be a game changer. On Sunday, February 25 an estimated 1.2 million citizens took to the streets in 100 cities throughout the country in defense of the autonomy and ongoing autonomous functioning of the National Electo...

Economics: February economic data shows growth continues to slow as inflation remains high

MEXICO · Report · 06 Mar 2023

Economic indicators released last month showed continuing growth in key areas of industrial and service activity, as well as evidence that the slower pace that began to emerge over the course of the fourth quarter extended into 2023. They also showed that inflation remains sticky, especially in t...

No BoI FX intervention in February

ISRAEL · In Brief · 06 Mar 2023

The Bank of Israel did not sell FX at all in February. The reserves did decline by 4.7ml USD due mostly to revaluation (global dollar appreciation). This underlines the BoI policy of avoiding FX intervention unless there is tremendous market dislocation in the short term. The weakening of the she...

Inflation risks shift from wages to FX volatility

ISRAEL · In Brief · 05 Mar 2023

Business sentiment remains strong The Business Tendency Survey in February reflects strong and steady growth with some improvement in the expectation components as well. The expectation for change in employment also improved in general, and in the hi-tech service sector (information and communica...

Turkey’s other quake

TURKEY · Report · 05 Mar 2023

Coming on the heels of a devastating earthquake, IYIP’s abrupt departure from the main opposition grouping Nation Alliance, added a new layer of uncertainty to the outcome of presidential and parliamentary elections. IYIP leader Aksener’s motivations for the 11th hour withdrawal remain obscure, b...

Moody's did not review Hungary's sovereign credit rating last week

HUNGARY · In Brief · 05 Mar 2023

Moody's passed its first pre-announced review date of this year for Hungary's sovereign credit rating on Friday, March 3 without actually doing a review. As a matter of fact, this sounds like good news, as there seemed to be a realistic chance for a negative rating step, in the form of lowering t...

Is PM Orbán cautiously distancing himself from Moscow?

HUNGARY · In Brief · 03 Mar 2023

On March 1, the Russian government issued a decree to ban visa-free travel by Hungarian diplomats to Russian territory, "until Hungary does not stop breaching the provisions of the underlying bilateral agreement". It is not immediately clear in what way Hungary is breaching the agreement in quest...

Russia claims Ukraine is raiding across the border

CIS POLITICS · In Brief · 03 Mar 2023

On March 2 Russia's TASS news agency said that a small Ukrainian Army unit crossed the frontier and shot civilians. These fighters were mostly in civilian clothes. Russia has published photos and videos which purport to show Ukrainians holding flags near Bryansk. Some of these images have been ge...

Lula will sign an MP that makes changes to the Bolsa Família program, the increase in the export tax on crude oil faces resistance from Congress, and Lula’s interview will air today

BRAZIL POLITICS · Report · 02 Mar 2023

All beneficiaries will receive a minimum amount of R$ 600, and two complementary payments will be created to better meet the size and characteristics of each family. The relaunching of the program reinforces Lula's connection with the low-income population and re-establishes the social brand of t...

A decent start in January

RUSSIA ECONOMICS · In Brief · 02 Mar 2023

Rosstat reported that the output of the five basic sectors shrank by 2.5% y-o-y in January which was better than in 4Q22 when it contracted by 3.1% y-o-y. The performance of various sectors was quite uneven in January, but less so than in 2022. Industrial output and transportation services contra...

Monetary policy rate unchanged in March 2023

DOMINICAN REPUBLIC · In Brief · 01 Mar 2023 · 1 response

The Central Bank decided yesterday to maintain the monetary policy rate at 8.5% per year, the same level in force since Nov 2021. The permanent liquidity expansion facility rate (1-day Repos) is also kept unchanged at 9% per year and the rate of remunerated deposits (overnight) at 8% per year. Th...

Federal taxes on gasoline and ethanol were reinstated, parties will meet in the House and Senate to appoint members of the permanent committees, and the pressure in Congress for a CPMI on the January 8 attacks continues

BRAZIL POLITICS · Report · 01 Mar 2023

The published provisional measure reinstates the federal taxes on gasoline and ethanol, as well as establishing the rate of export tax on crude oil exports at 9.2% until June 30, 2023. The solution found was considered a victory for the Minister of Finance, Fernando Haddad. Today, the blocs and p...

US Secretary of State in Kazakhstan

CIS POLITICS · In Brief · 01 Mar 2023

Antony Blinken held talks in Kazakhstan with President Tokayev. In Kazakhstan met the foreign ministers of Uzbekistan, Turkmenistan, Tajikistan and Kyrgyzstan. He then flew to Uzbekistan. The US does not want Central Asian countries to support Russia over Ukraine. All five of them abstained in t...