GlobalSource Partners | Country Insights

After the Central Bank of Russia (CBR) raised its key interest rate in July 2021 commercial banks have followed suit. Some raised their rates even before CBR - these included Gazprombank, Rosbank and Promsvyazbank. Some banks raised the interest rate for depositors.Raiffeisen and VTB said they do...

The rise of Indonesian exports

INDONESIA · Report · 30 Jul 2021

Indonesia is in the midst of fighting the impact of the Covid-19 pandemic. The number of new infection cases increased exponentially in the last week of June and the early weeks of July 2021. At the same time the mortality rate was also very high. This situation was worse than the first semester ...

Peru Webinar: Reviewing the next government's policies

PERU · Report · 30 Jul 2021

Visit our Events Calendar to watch the replay of our latest Peru Webinar featuring Dr. Alfredo Thorne. Following the inauguration, Dr. Thorne discusses the new president's political and economic plans and how new leadership will impact Peru.

Bolsonaro did not present evidence of electoral fraud in 2014 during his livestream, the STF published a video criticizing Bolsonaro’s claims that the Court stopped the government from dealing with the pandemic, and Congress returns to work next week

BRAZIL POLITICS · Report · 30 Jul 2021

Bolsonaro did not have proof of electoral fraud but claimed there are clear indicators of fraud. The president of the STF called the leaders of the three branches for a meeting to discuss the political tension. The House should vote on the income tax reform proposal next week, and the Senate shou...

GULF WEEKLY: Tunisia crisis stirs Gulf divisions, Omani unemployment falls, IMF warns Bahrain

GULF COUNTRIES · Report · 30 Jul 2021

A skimmable summary overlaid with our analysis and links. Headlines: * Tunisia’s president has made a power grab, dismissing the prime minister, closing parliament and launching a probe of Islamist party Ennahda, which has had close relations with Qatar. * The Tunisian crisis risks reopening ...

Delta watch 2: Lockdown

PHILIPPINES · In Brief · 30 Jul 2021

After announcing yesterday that there will be no change in Metro Manila’s quarantine status for the next two weeks, government today decided for a more aggressive response against rising infections in the capital, returning Metro Manila to strict lockdown for two weeks from August 6 to 20. Daily ...

Recovery under uncertainty

CENTRAL AMERICA · Report · 29 Jul 2021

The Costa Rican economy showed better than expected results in H1. Faster recovery of the country’s main trading partners helped improve exports. H1 fiscal figures were also favorable. The next 18 months will be crucial. The first review of the SBA agreement with the IMF will be in October 2021, ...

Vaccination is improving, the economy remains on a slow path to recovery, and the dialogue on public pension reform is going nowhere

PANAMA · Report · 29 Jul 2021

The total number of vaccines already shipped to the country is 3 million (for a population of 4.3 million inhabitants) and will reach 9.3 million before the end of the year (7.1 million Pfizer, 1.1 million Astra Zeneca, and 1.1 million the Covax system). This new environment may help the health a...

Russian macro: industry and construction to drive economic growth in 2021

RUSSIA ECONOMICS · Report · 29 Jul 2021

The Russian economic recovery was broad-based in July. Economic growth gathered pace not only in industry, as was published last week, but also in other segments of the economy. The output of the five basic sectors (a monthly proxy for GDP, a kind of a flash estimate) was up y-o-y by 12.0% in Jun...

Zelensky purges top officials

RUSSIA / FSU POLITICS · In Brief · 29 Jul 2021

On July 27 President Zelensky fired the Commander in Chief of the Military. The president said that General Khomchak had caused misunderstandings. His replacement, Valery Zalushny, is widely well regarded.Khomchak has been given a role on the National Security and Defense Council. Three other sen...

Bolsonaro should present evidence of electoral fraud in 2014 during his livestream tonight, the government’s new social program should begin in November, and Bruno Bianco appointed as Executive Secretary of the Ministry of Employment

BRAZIL POLITICS · Report · 29 Jul 2021

Deputy Arthur Lira believes in the current electronic system but does not see a problem with instituting an auditing system. Minister Paulo Guedes stated that the new social program will comply with the spending ceiling. Deputy Celso Sabino should present a new report on the bill that deals with ...

Inflation Report: the CBRT is playing the same game

TURKEY · In Brief · 29 Jul 2021

The economics author is traveling today and will be boarding his flight shortly, so what we have below is first impressions from today’s Inflation Report. If need be, we will follow up with a more detailed analysis.First off, as we have expected, the CBRT revised the yearend forecast upward – bec...

The IMF mission to arrive in September, Kristalina Georgieva says

UKRAINE · In Brief · 29 Jul 2021

Ukraine’s President Volodymyr Zelenskiy had a phone call with Managing Director of the IMF Kristalina Georgieva yesterday on July 28. Kristalina Georgieva recognized “sound economic progress made under the IMF program” and mentioned the IMF mission arriving in September. The President Office ment...

Turkey and Azerbaijan plan to form a combined army

RUSSIA / FSU POLITICS · In Brief · 28 Jul 2021

On July 28 it was announced in the Turkish Parliament that the two neighbors are creating a joint army. A joint military drill is currently ongoing.The two countries speak languages that are almost identical. They have been cooperating closely for 30 years but now they intend to further expand th...

Torpedo

VENEZUELA · Report · 28 Jul 2021

It’s a puzzle why the government decided to arrest lawmaker Freddy Guevara and harass other Popular Will party (VP) leaders. His actions torpedoed preparations for government–opposition talks to be mediated by Norway. Perhaps the torpedo was aimed at dividing the opposition. Or the government...