GlobalSource Partners | Country Insights

President Lula’s meeting with Petrobras President Jean Paul Prates was postponed from yesterday to today. One of the topics is the PIS and Cofins tax exemption on gasoline, which ends on February 28. Yesterday, PT President Deputy Gleisi Hoffmann (PR) once again criticized the Central Bank on Twi...

The first year of the war

UKRAINE · In Brief · 24 Feb 2023

A year ago, we woke up to a new reality. It was a day when all Ukrainians had to start anew, reevaluating themselves and their surroundings. However, it was also a day that put everything in its place. All the previously complex issues became simple and clear with just one click. The Russian lead...

Energy import prices look much lower than expected for now

HUNGARY · Report · 23 Feb 2023

In our latest forecast, released last month, we predicted rising energy import prices, as the weather is getting back to its normal seasonal track after the unusual warm weather recorded this winter. Indeed, winter is approaching its end, and the weather is not that exceptionally warm anymore in ...

Webinar Replay: Earthquake Aftermath - A new roadmap for Turkey

TURKEY · Report · 17 Feb 2023

Following the tragic loss of life and destruction brought by the magnitude 7.8 earthquake that shook Turkey and neighboring Syria on February 6th, get insight into the impact of the earthquake and Turkey's path for recovery. Visit our calendar page to watch the replay of our webinar featuring Mur...

Webinar replay: Ecuador's February elections - A critical political thermometer

ECUADOR · Report · 17 Feb 2023

What do the results of the Ecuador's constitutional referendum and local elections indicate about the national trends and how will they affect the macroeconomic outlook? Visit our calendar page to watch the replay of our webinar featuring Magdalena Barreiro as she discusses what the elections and...

Justice Moraes asked to review the case that deals with the calculation of taxes, Lula gave an interview to CNN, and next week will be the Carnival holiday

BRAZIL POLITICS · Report · 17 Feb 2023

Supreme Federal Court (STF) Justice Alexandre de Moraes asked to review the case that deals with the exclusion of the presumed Tax on Industrialized Products (IPI) credit resulting from exports for the calculation of the PIS and Cofins taxes. President Lula had an exclusive interview with CNN. He...

Kazakhstan macro: expect robust economic growth in 2023 and still-high inflation

KAZAKHSTAN · Report · 17 Feb 2023

Kazakhstan’s Bureau of National Statistics reported that the country’s GDP grew by 3.2% in 2022 and, in nominal terms, reached KZT101.5 trln ($220.5 bn). The country’s GDP per capita rose to $11.2K as population reached nearly 19.78 mln people, and despite some weakening of the tenge last year, G...

Rate hike of 0.5% expected on Monday

ISRAEL · In Brief · 17 Feb 2023

Rate hike of 0.5% expected on Monday Recent economic and political developments in Israel will support a more aggressive monetary tightening than initially expected. We expect a hike of 0.5% to 4.25% tomorrow, due to the following factors: The inflationary environment remains “sticky”. Core infla...

Russian women giving birth in Argentina

CIS POLITICS · In Brief · 17 Feb 2023

Since 2022 thousands of Russian women have flown to Argentina because giving birth there confers Argentine citizenship on their babies. Russians can travel to Argentina without a visa. Argentines can travel visa free to 175 countries. Some of the women came to Argentina on one-way tickets. Some R...

Russia: a brief market watch

RUSSIA ECONOMICS · In Brief · 16 Feb 2023

The Russian financial markets remain in the area of turbulence. On the eve of the first anniversary of the start of a special military operation in Ukraine, media are reporting about the forthcoming new sanctions package, which will be introduced by the EU and potentially US next week. Besides, i...

Finance Minister Haddad said that the new fiscal framework will be submitted to Congress in March, the House created a working group to analyze Tax Reform, and the CMN will meet today

BRAZIL POLITICS · Report · 16 Feb 2023

The Minister of Finance, Fernando Haddad, said yesterday that the new fiscal framework will be submitted to the National Congress in March. The previous forecast was April. Yesterday, the House created a working group to analyze Tax Reform. The term is 90 days. Work should be completed around May...

Slide presentation - Ecuador's February elections: A critical political thermometer

ECUADOR · Report · 16 Feb 2023

Get insight into Ecuador's elections and what economic data reveals about Ecuador's trajectory with the presentation from our webinar, "Ecuador's February elections: A critical political thermometer".

Wagner leader says Bakhmut will not fall until March

CIS POLITICS · In Brief · 16 Feb 2023

On February 16 the head of the private military company said that the city will not be taken until March or even April 2023. Yevgeny Prigozhin posted these comments online and blamed the Russian Army for this saying it is too bureaucratic. He added that it is necessary to cut supply routes to the...

Policy rates up by another 50bp

PHILIPPINES · In Brief · 16 Feb 2023

Following surprisingly strong January inflation, the Monetary Board today decided to raise its set of policy rates by 50bp, bringing the key overnight rate to 6% effective tomorrow, the highest since 2008. The BSP also raised its inflation forecast for the year sharply from 4.3% to 6.1% while kee...

January’s CPI surprises on the upside

ISRAEL · In Brief · 15 Feb 2023

January’s CPI surprises on the upside Inflation in January was up 0.3% and 5.4% y/y (accelerating from 5.3% last month). Market expectations (and ours) were for 0.1% m/m. Housing rental prices surprised on the upside, with OER accelerating to 6.7% from 6.3%. In addition, the seasonal decline in a...