GlobalSource Partners | Country Insights

All the diplomatic moves around tensions between Russia and Ukraine reaffirm our initial view that Vladimir Putin is just bargaining for concessions on the global level. Moscow is looking to increase its importance, but it’s highly improbable that the Russian president is prepared to become the n...

US-Russia summit scheduled for January 10

RUSSIA / FSU POLITICS · In Brief · 29 Dec 2021

The meeting will take place in Switzerland and will be to discuss Ukraine. Moscow demands a legally binding promise that Ukraine shall never be admitted to NATO. The US has said that this is a non-starter.NATO has suggested a conference with Russia on January 12. The Organization for Security and...

GDP grew 25.5% in Q3, anticipating a double-digit growth rate for 2021, but challenges remain, including the pension reform and the GAFI review in February

PANAMA · Report · 29 Dec 2021

On December 17, INEC published the GDP results for the third quarter of 2021: a 25.5% growth rate compared to Q3 2020 (reporting nominal activity of US$16,167 million). During Q2, the real growth rate was 40.0%, following a decrease of 8.4% in Q1. Value added in Q3 was US$10,338 million or 14% ab...

Ending 2021 with cheers

INDONESIA · Report · 28 Dec 2021

The year 2021 was indeed a challenging year. The pandemic was not yet declared over, and the overhang led to continued uncertainty in the global economy. But in ending this year, Indonesia has seen some reasons to cheer. The first reason, as mentioned in our previous reports, is the amount of ...

Strong hi-tech service exports are shekel supportive, PC growth has moderated and is more balanced

ISRAEL · In Brief · 28 Dec 2021

Hi-tech service exports have increased sharply in October (3.5% m/m) following growth of 5.3% in September. Since the beginning of the year, hi-tech service exports (computer, IT, cyber, etc.) are up 22% y/y. This vibrant sector (10% of GDP), has supported shekel appreciation, economic growth and...

Kazakhstan seeks trade with the Taliban

RUSSIA / FSU POLITICS · In Brief · 27 Dec 2021

On December 25 a Kazakh trade delegation visited Kabul. The visit on Christmas Day was nothing unusual as both countries are Muslim. The delegates negotiated on trade routes and political cooperation, according to the Taliban. There is a bid to establish a joint chamber of commerce. They discusse...

A sharp recovery in credit quality

INDIA · Report · 27 Dec 2021

Prior to the pandemic, a major problem in the economy was the credit stress of the large private financial and non-financial firms. A re-examination of an array of measures suggests that substantial gains have taken place. These are partly about the genuine superior performance of large priva...

Essential CIS Politics: December 2021

RUSSIA / FSU POLITICS · Report · 27 Dec 2021

*Russia has moved tens of thousands of troops towards Ukraine in a move that Russia says is unthreatening. *Russia has been building closer ties with China and South-East Asian countries. *Kazakhstan and other Central Asian countries have been experiencing power cuts. *Azerbaijan and Arm...

The Labor market tightens, supportive of wage pressure

ISRAEL · Report · 27 Dec 2021

1. An increasingly tight labor market is expected to support wage pressure and therefore some inflationary pressure as well. 2. Economic indicators point to steady growth in early Q421, before the December Omicron concerns. 3. MSCI is likely to reclassify Israel in MSCI Europe (from...

The labor market tightens, supportive of wage pressure

ISRAEL · In Brief · 26 Dec 2021

Economic data released last week point to an increasingly tightening labor market, as the number of employed increased reducing unemployment, while the number of job vacancies continued to rise. The number of employed increased by 92 thousand in November, reducing broad unemployment (including th...

Uzbekistan repairing airport for the Taliban

RUSSIA / FSU POLITICS · In Brief · 24 Dec 2021

On December 18 it was reported that the former Soviet republic has sent engineers to Mazar e Sharif, Afghanistan. The airport has been closed for several months. Work on the airport is due finish in early 2002. The country has suffered a brain drain since the Taliban took over in August 2021.Uzbe...

IMF lends USD 558 million to Moldova

RUSSIA / FSU POLITICS · In Brief · 23 Dec 2021

On December 21 the announcement was made that the loan will be given to help the country lift its economy out of the pandemic-driven trough. USD 80 million of the loan was released on the day of the announcement. This is a badly needed cash injection. Moldova is 44th out of the 45th European econ...

It is Thursday, so the 1-week depo rate goes higher again

HUNGARY · In Brief · 23 Dec 2021

At today's regular 1-week deposit tender, the MNB set the fixed interest rate, at which it accepted unlimited bids as usual, at 3.8%, up 20 bps from last week's level. So far, this rate, which is the effective sterilisation rate , has been raised at each week's tender since the sterilisation rate...

Next year's fiscal deficit target lowered to 4.9% of GDP

HUNGARY · In Brief · 23 Dec 2021

Rather than going home to decorate the Christmas tree or completing the selection of gifts for the kids, people in the Finance Ministry and up on the Castle Hill of Budapest appear to be still busy working.Yesterday's second important announcement, from the Finance Ministry, said that based on a ...

Would Petro be a transformer, or a disrupter?

COLOMBIA · Report · 22 Dec 2021 · 1 response

Loans disbursed in December 2020 deteriorated much faster than those granted before the pandemic. It looks as though the end of 2020 marked the peak in the speed of credit quality deterioration. Loans disbursed in July 2021 seem marginally better, in terms of quality deterioration, than those dis...