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COUNTRY INSIGHTS

Industry keeps growing steadily as domestic demand remains strong
RUSSIA ECONOMICS · In Brief · 27 Jun 2024

Rosstat reported that in 5M24, the industrial output grew by 5.2% y-o-y. In May, it grew by 5.3% y-o-y and 2.0% m-o-m in seasonally adjusted terms (therefore, offsetting a minor m-o-m seasonally adjusted contraction by 0.1% in April). The mining segment remains almost flat, having grown by a mere...

Events of July 1: What Should We Anticipate?
PANAMA · In Brief · 26 Jun 2024

Election of the Legislative Assembly's Directive Board Out of the 71 legislators established by the Constitution, only 70 will be present for the election of the directorate of the National Assembly (president, vice presidents, and general secretary). The candidate Zulay Rodríguez, who was defeat...

Dominican Republic issues inaugural green bond
DOMINICAN REPUBLIC · In Brief · 26 Jun 2024

The Dominican Republic (DR) has successfully launched its inaugural green bond issuance, raising USD 750 million at an annual rate of 6.7%. This rate is 15 basis points lower than what would have been achieved through conventional non-thematic instruments. The proceeds from this issuance will fun...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 26 Jun 2024

Jun 12 Energy Ministry: Kazakhstan will fulfil its June obligations to OPEC+. It will compensate for the accumulated overproduction of oil by the end of Sep 2025. President: Mr. Tokayev supported South Korea's proposal to hold a summit in Seoul next year in the format of 'Central Asia + Korea.' T...

Lula met with Haddad to discuss the decree on the inflation target, Pacheco’s negotiations on state debt are advancing, and Governor Zema stated he is considering running in the 2026 presidential elections
BRAZIL POLITICS · Report · 26 Jun 2024

Yesterday, President Lula met with the Minister of Finance, Fernando Haddad, and others regarding the decree that regulates the change in the inflation target. The President approved the decree that changes the annual inflation target regime to a continuous target model starting in 2025, with a t...

The EU's 14th package of sanctions on Russia: what is Hungary's dependence on Russian LNG?
HUNGARY · In Brief · 26 Jun 2024

The following is supposed to be a brief clarification of Hungarian dependence on the imports of Russian LNG. This is not because the EU's 14th sanction package, approved just a few days ago, would prohibit or block in any way the imports of LNG from Russia, because it obviously does not do that. ...

Promises That Cannot Be Kept
BRAZIL ECONOMICS · Report · 25 Jun 2024

In line with the statement released last week, when Copom announced the decision to halt the monetary easing cycle and maintain the Selic rate target at 10.50% per year, the Minutes of the meeting came out quite harsh, signaling no room for a reduction in the basic interest rate in the coming mon...

A feasible free lunch program
INDONESIA · Report · 25 Jun 2024

The Indonesian people are currently in the midst of waiting for the new government to unveil various programs that have been controversial for some time. One of the programs is the Free Lunch Program. Many Indonesians were initially skeptical about the Free Lunch Program. They thought the prog...

Beyond FDI campaigning
PHILIPPINES · Report · 25 Jun 2024

The Philippine broadsheets bannered recently that the foreign trips undertaken by President Ferdinand Marcos Jr, who has virtually made his foreign trips an opportunity to conduct his foreign investment campaign, yielded $19 billion in foreign investments “that have already been actualized or hav...

The rapporteur of the LDO met with Haddad to discuss the zero-deficit target, the government is optimistic about Tax Reform, and former STF Justice Barbosa criticized Lula on social media
BRAZIL POLITICS · Report · 25 Jun 2024

Yesterday, the rapporteur of the Budget Guidelines Law (LDO), Senator Confúcio Moura (MDB-RO), met with the ministers of Finance, Fernando Haddad, and Institutional Relations, Alexandre Padilha. The senator confirmed that he would maintain the zero-deficit target for 2025 and that he would presen...

Economics: Aggregate demand data points to slowdown as services slow slightly and consumption of domestic goods remains stalled
MEXICO · Report · 25 Jun 2024

First quarter aggregate demand and supply figures show demand expanded 2.6% yoy, down from the 3.7% pace of 2023. Private consumption, the weightiest demand component, grew 2.6% yoy in the quarter, after having risen 3.5% in 2023. This component’s performance varies considerably depending on the ...

Politics: Sigh of relief in general at Sheinbaum’s first batch of cabinet pics, but the jury’s out until all are named
MEXICO · Report · 25 Jun 2024

Observers from across the political spectrum gave a thumbs up for all but one of the six cabinet picks Claudia Sheinbaum announced on June 20. They are in addition to current Minister of Finance, Rogelio Ramírez de la O, whom the President-elect announced on June 3 would remain in that post once ...

Russia hosts BRICS Games
RUSSIA / FSU POLITICS · In Brief · 25 Jun 2024

On June 23 the games closed in Kazan. The host city is the capital of Tatarstan, the home of an indigenous ethnic minority. At the BRICS Games Russia won the most medals. 53 countries sent athletes. There were athletes from non-BRICS countries. Many from ex-USSR countries such as Uzbekistan and B...

Reality Check
BRAZIL ECONOMICS · Report · 24 Jun 2024

Domestic demand will continue to lead growth throughout the year, as it did in the first quarter, while GDP is near or above potential. Thus, we expect part of the additional demand to be met through increased imports (and/or reduced exports) and that GDP growth in 2024, also reflecting the negat...

From macroeconomic stability to trade and financial liberalization
ARGENTINA · Report · 24 Jun 2024

The approval by the Senate of two legislative projects that the government needs to transition from macroeconomic stability to trade and financial liberalization without significant disruptions, the two-year extension of the swap with China for 5 billion dollars, the disbursement by the IMF of 80...

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