GlobalSource Partners | Country Insights

The Indonesian economy posted an encouraging result for Q3 2022 with GDP growth of 5.72%, significantly higher than 5.44% achieved in the previous quarter. One of the main contributors to this growth was the rise in exports. In 2022, Indonesian exports reached $292 billion, a record level. Ind...

Kazakhstan macro: financial sector to be increasingly important for growth, with an emphasis on inflation and rates

KAZAKHSTAN · Report · 30 Jan 2023

In line with an estimate by the National Bank of Kazakhstan concerning the country’s GDP growth at 3.1%, the country’s Ministry of Economy mentioned a similar figure. The National Bureau of Economic Statistics reported that in 9M22, the country’s GDP increased by 3.0%. Therefore, based on this nu...

Russia advances in east Ukraine

CIS POLITICS · In Brief · 30 Jan 2023

On January 30 a Moscow installed bureaucrat named Denis Pushilin in Donetsk said that Russia has taken land around Vuhledar. But he said that Ukrainian resistance is fierce in Vuhledar. The town is 93 km south of Bakhmut which Russia intent on taking. Russia appears to want to do a pincer movemen...

There will be elections in Congress for the presidencies of the House and Senate this week, Congress and the Judiciary will resume activities on Wednesday, February 1, and the Central Bank will decide on the interest rate

BRAZIL POLITICS · Report · 30 Jan 2023

In the House, Arthur Lira (PP-AL) is running for re-election as president and, so far, there is no other viable candidacy. The race for the presidency in the Senate will be tougher than in the House. Rodrigo Pacheco (PSD-MG), who is seeking re-election, will face Rogério Marinho (PL-RN). Pacheco ...

Back on track in 2023

CHINA · Report · 30 Jan 2023

GDP grew 3% in 2022. Specifically, China’s economy rose by 2.9% y/y in Q4 2022, down from the 3.9% growth reported in Q3. Many negative factors affected the economy in 2022, including global macroeconomic tightening, the Ukraine crisis, real estate restructuring, the pandemic management policies ...

Concern regarding the judicial reform rattles the markets

ISRAEL · Report · 30 Jan 2023

1. Growing concern regarding the proposed judicial reforms has supported a selloff of Israeli financial assets, including equities, bonds and FX. 2. Recent economic indicators point to slowing growth, including weaker private consumption. 3. Despite slowing growth, a weaker shekel will ...

Concern regarding the judicial reform rattle the markets

ISRAEL · In Brief · 29 Jan 2023

Financial markets in Israel have sold off recently Concern regarding capital outflows have resulted in a weaker shekel, lower equity prices and higher bond yields. This follows growing international (as well as domestic) concern regarding the proposed judicial reform which would strengthen politi...

S&P downgraded Hungary to BBB-, with Stable outlook, on Friday

HUNGARY · In Brief · 29 Jan 2023

S&P had been holding Hungary on BBB/Negative since August 2022. The explanation of its downgrade, announced on January 27, included: (1) sharp monetary tightening, forced by sustained high inflation, forint volatility and external pressure; (2) high energy prices, uncertain economic prospects and...

Webinar replay: Venezuela in 2023: What to expect?

VENEZUELA · Report · 27 Jan 2023

Visit our calendar page to watch the replay of our webinar featuring Ruth Krivoy as she discusses Venezuela's macro outlook and the prospects for growth in 2023. How will politics affect economic recovery? With the dire situation of Venezuela's oil industry and the limited scope of Chevron's ...

Lula will meet with governors today, Congress and the Judiciary resume activities next week, and the Central Bank will meet to decide on the interest rate

BRAZIL POLITICS · Report · 27 Jan 2023

In the meeting with Lula, governors should discuss federal compensation for revenue losses caused by the change in the ICMS collection rules – especially on fuel – and the borrowing capacity of the states. Congress and the Judiciary will resume their activities next week. Also next week, the Cent...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 27 Jan 2023

Jan 6 The Civil Aviation Committee: Kazakhstan has extended the "open skies" regime for foreign airlines until 2028 Energy Ministry: Kazakhstan, Kyrgyzstan, and Uzbekistan have agreed on the conditions for the construction of the Kambarata HPP-1 with a capacity of 1860 MW will generate 5 bln kW-H...

Russia increasing military manufacturing

CIS POLITICS · In Brief · 27 Jan 2023

On January 26 the head of Russian state defense conglomerate Rostec, Sergei Chemezov, said that it was speeding up the production of ammunition because of the Ukraine War. He denied that Russia was running short of munitions. He claimed that Rostec had multiplied production due to the Defense Min...

Georgia benefits from Russian immigration

CIS POLITICS · In Brief · 26 Jan 2023

In 2022 Georgia's banks received over USD 2 billion in transfers from Russia. Over 112,000 Russians moved to the country. Most were men aged 18-35. But some were older men, women and children. The influx of Russians has boosted the economy 10%. Some of the immigrants are anti-war liberals. But th...

The PL, PP, and Republicanos announced support for Rogério Marinho as Senate president, today is the first in-person meeting of the Governors Forum 2023, and the Petrobras Board will vote on Jean Paul Prates’s appointment as president of the company

BRAZIL POLITICS · Report · 26 Jan 2023

With the support of the three parties, Senator Rogério Marinho (PL) has guaranteed at least 23 votes. However, he still does not have enough votes to defeat Rodrigo Pacheco (PSD-MG). Currently, Pacheco may have 40 to 48 votes – he needs over 41 votes to be re-elected in the first round. The Gover...

New US ambassador in Moscow

CIS POLITICS · In Brief · 26 Jan 2023

On January 25 Lynne Tracy arrived in Moscow. Her time as ambassador will not be easy as relations are their worst since the Cold War. She is the first woman to hold the post. Ms. Tracy was previously the deputy chief of mission in Moscow 2014-17. Ambassador Tracy will present her credentials soon...