GlobalSource Partners | Country Insights

Statistics suggests that Russians continued to weather their own financial storms during the pandemic quite successfully (on average). Household accounts with banks have been growing steadily since 2015, and the pandemic had little effect on this trend, although deposits have become less attracti...

The income tax bill should be put to a vote in about two weeks, the meeting between Fux and Pacheco was positive, and center parties meet in Brasilia to discuss the 2022 presidential election

BRAZIL POLITICS · Report · 19 Aug 2021

The rapporteur of the income tax bill, Deputy Celso Sabino, should make further changes to his report to reduce resistance. The opposition is hoping to change the bill that alters the way teachers’ salaries are calculated. Bolsonaro may announce new developments today on his impeachment requests ...

Good news and more good news: GDP, the fiscal deficit and the debt ratio

HUNGARY · Report · 19 Aug 2021

Hungary and some of its neighbors are still holding out as an island of peace in the big sea of Covid waves all around Europe. In this regard, it seems to be an advantage that the country is neither a transportation hub nor a major destination for tourists, and that international travel remains s...

Russia investigating supermarket price fixing

RUSSIA / FSU POLITICS · In Brief · 19 Aug 2021

On August 17 the competition authorities began to look into whether the major chains have formed a price cartel. The anti-monopoly service is probing X5 Group, which includes Pyaterochka and Perekrostok. Magnit and Letna are also under investigation.The aim is to forfend undue food price rises. T...

Job vacancies spike, consumer confidence weakens

ISRAEL · In Brief · 19 Aug 2021

The number of job vacancies continues to rise, reaching 134k (sa) in July, from 129k in June and 122k in May. The pre-Covid level was around 96k. This is an indicator of excess demand for labor from the private sector, relative to the supply. This upward print in July is somewhat surprising in li...

Life in the “post” country

COLOMBIA · Report · 18 Aug 2021

Has economic activity returned to 2019 levels? Based on the data, the answer is a qualified “yes.” The index for economic activity rebounded in H1 2021, after falling around 7.8% in 2020, with services mainly saving the day. If social unrest doesn’t resurface with enough intensity to damage econo...

Government has practically ready proposal for tax reform

DOMINICAN REPUBLIC · In Brief · 18 Aug 2021

The Minister of Economy, Planning and Development, Miguel Ceara Hatton, announced that the Government's proposal on tax reform is practically ready. It is expected that President Abinader will announce in the next few days the start of the discussion process for said proposal.According to the min...

The income tax bill has been postponed once again, Dep. Arthur Maia should submit his report on the Administrative Reform proposal next week, and Luiz Fux and Rodrigo Pacheco should meet to diffuse the tesion between the branches of government

BRAZIL POLITICS · Report · 18 Aug 2021

Ricardo Barros called for the income tax bill to be postponed in order to obtain the necessary votes for its approval. The income tax agenda may start to interefere with the Administrative Reform agenda. The Federal Audit Court (TCU) will review the 5G auction notice and there may be strikes orga...

Unrest in Ukraine

RUSSIA / FSU POLITICS · In Brief · 18 Aug 2021

On August 16 the mayor of a Ukrainian city was shot dead. The mayor was a member of Opposition Platform for Life which is pro-Moscow. He was Mayor of Kryviy Rih which is where President Zelensky was born. The president said he is supervising the murder investigation.On August 14 there were angry ...

Castillo pushes ahead with his radical program

PERU · Forecast · 17 Aug 2021

After less than a month in office, President Pedro Castillo has offered few signs of softening his radical stance, in particular relation to economic policy. At his inauguration speech on July 28th, and the following day, with the appointment of his first Cabinet, he confounded the expectations o...

The tension between the Executive and Judicial branches continues, the income tax bill should be put to a vote today and the auditor of the TCU, Alexandre Figueiredo Costa Silva Marques should testify in the Pandemic CPI

BRAZIL POLITICS · Report · 17 Aug 2021

The conflict between Bolsonaro and the ministers of the STF have stalled the confirmation of André Mendonça’s appointment to the STF. The House should conclude voting on the Political Reform PEC. The leaders of the CPI cancelled the discussion between Minister Onyx Lorenzoni and Dep. Luiz Miranda...

The Taliban victory creates risks for Gulf states

GULF COUNTRIES · Report · 17 Aug 2021

The speed of the Taliban takeover of Afghanistan has shocked policymakers in the Gulf as much as those in the US. It will take time to see how the new regime will behave in practice, and the second-order implications of this dramatic development are difficult to predict, but we can begin to specu...

Some really impressive data released this morning: Q2 GDP, fiscal deficit, government debt ratio

HUNGARY · In Brief · 17 Aug 2021

Good news on good news, seriously.In first estimate, GDP grew by 2.7% mom, 17.7% yoy in Q2. So far, the best number to have was +13.7% yoy, as predicted by the Finance Ministry, on the basis of their leading indicator, the Weekly Economic Index. Analysts, and their surveyors, now remember that th...

Russia trying to establish a good relationship with the Taliban

RUSSIA / FSU POLITICS · In Brief · 17 Aug 2021

On August 15 the Taliban took Afghanistan's capital. Moscow praised the Taliban for restoring stability to the city. On August 17 the Russian ambassador is to meet with the Taliban. The Taliban have said they are guaranteeing security of life and property. The US and other NATO countries have mos...

Economics: Complex outlook for public finances in 2022 with poor expense structure and growing financing needs

MEXICO · Report · 16 Aug 2021 · 1 response

Recently released government data on public finances gives a preview of the economic package that will be sent to Congress in early September. Based on the evolution of public finances in the first half of 2021, the trends in revenue, expenditures, and deficits indicate a budget deficit 21.7% low...