GlobalSource Partners | Country Insights

“Russian army is not strong, it’s just long” – it’s a popular joke in nowadays perfectly depicting what is going on at the frontline. Every time Russians approach positions of Ukrainian forces – they are destroyed and then Ukrainian soldiers sit patiently awaiting new portions of Russians coming....

The fuel issue remains the main matter on the agenda, the STF will judge the PDT’s case on the Clean Record Law, and a new presidential poll will be published today

BRAZIL POLITICS · Report · 09 Mar 2022

Between the two bills on the fuel issue, PLP 11 has more support in the Senate than PL 1472. The governors, as well as the rapporteur, Senator Jean Paul Prates, support the bill that deals with the price stabilization fund — PL 1472. President Bolsonaro will meet with Ciro Nogueira, Paulo Guedes,...

What is Maduro's bet?

VENEZUELA · Report · 09 Mar 2022

As soon as the invasion of Ukraine began, Maduro proclaimed his allegiance to Russia with extreme subservience, contrary to the overwhelming majority of nations that repudiated it or at least avoided condemning it, such as Cuba, Nicaragua, and other Russian partners. In the immediate term, ris...

Armenia benefits from Russian businesses relocating there

RUSSIA / FSU POLITICS · In Brief · 09 Mar 2022

Stringent Western sanctions are causing Russian businesses to move to the Caucasian former Soviet republic. Most people in Armenia can speak fluent Russian and the country is very friendly with Moscow. Russians have visa free entry to Armenia. Armenia is also a transit country for flying to the E...

The South African economy rebounded strongly in 2021

SOUTH AFRICA · Report · 08 Mar 2022

Real GDP figures released by Statistics South Africa (Stats SA) today indicate that South Africa’s economy grew positively in the final quarter of 2021 following its contraction during the third quarter. During the fourth quarter of 2021, real GDP recorded a growth rate of 1.2% q/q, an indication...

US bans import of Russian oil

RUSSIA / FSU POLITICS · In Brief · 08 Mar 2022

On March 8 President Biden made the announcement. He told the American public that gasoline would cost more as a result. The move reverses his policy stated last week of continuing to permit Russia oil imports. The US is struggling to contain inflation as it is. Biden warned US companies not to e...

Zelensky open to compromise

RUSSIA / FSU POLITICS · In Brief · 08 Mar 2022 · 2 responses

The Ukrainian President said he is prepared to consider recognizing Crimea as Russian and independence for the Luhansk and Donetsk Republics, he said on March 7. However, he rejected ultimatums. Moscow said it would instantly end the war if Ukraine agreed to its demands. This includes neutrality ...

A moderate but important tightening step from the MNB today

HUNGARY · In Brief · 08 Mar 2022 · 1 response

Just as expected, the MNB used today's prescheduled non-rate-setting meeting to tighten further, in view of yesterday's big weakening of the forint. But the Bank did relatively little on this occasion: it raised the ceiling of the interest rate corridor, which is the interest rate for O/N and 1-w...

The fuel issue remains on the agenda, Bolsonaro announces a new program aimed at helping women, and a demonstration is being called against the government’s environmental policies

BRAZIL POLITICS · Report · 08 Mar 2022

At 3 p.m., a meeting has been scheduled between Ciro Nogueira, Paulo Guedes, Bento Albuquerque, Roberto Campos Neto, and Joaquim Silva e Luna to discuss the fuel issue. The political wing of the government is concerned that the increase in the price of oil due to the war in Ukraine will be passed...

Russia’s pandemic/political update: The point of no return is reached

RUSSIA ECONOMICS · Report · 08 Mar 2022

It looks as though the pandemic has become less of an issue as Russia’s daily COVID-19 incidence rate fell to below 70K on March 8 from around 200K a month before. People almost stopped getting vaccinated, and the relative unimportance of pandemic-related issues became even more vivid for ordinar...

Ukraine conflict has Central Asia worried

RUSSIA / FSU POLITICS · In Brief · 07 Mar 2022

Central Asia countries are perturbed by the situation. Their economies are very integrated with Russia's. As Russia's economy is falling so will theirs. There were 8 million Central Asian migrant workers in Russia before the pandemic. Many of them lost their jobs. The remainder may lose their job...

Synthesis of the Brazilian Economy

BRAZIL ECONOMICS · Report · 07 Mar 2022

The world is watching, shocked and apprehensive, the evolution of the war caused by the Russian invasion of Ukraine. The aggressor is an autocrat who governs in nineteenth century style with twenty-first century weapons, leading an impoverished, deindustrialized and increasingly unequal country t...

Politics: Moments of decision in Mexican foreign policy

MEXICO · Report · 07 Mar 2022

Foreign policy has never been a priority for Andrés Manuel López Obrador. His dismissive approach is best summarized by his slogan that "the best foreign policy is a good domestic policy." The President’s thinking on foreign policy has been to a large extent boiled down to an overall defense of t...

Post-Carnival legislative agenda and other weekly topics

BRAZIL POLITICS · Report · 07 Mar 2022

The government may announce measures to stimulate the economy. The Senate will resume the discussion of bills dealing with fuels. In the Executive Office, the Chief of Staff, the Ministers of Economy and Mines and Energy, and the President of Petrobras meet to discuss fuel prices. Instituto Paran...

Economics: Price spike benefits Pemex in the short run, but sector risks remain

MEXICO · Report · 07 Mar 2022

The CFE and Pemex presented their results for the fourth quarter of 2021 on February 26 and 28, respectively. Petróleos Mexicanos posted a 224.4 billion peso net loss while that of the CFE totaled 95.4 billion. The 2021 report marked Pemex’s 13th consecutive year of losses, and it is troubling th...