GlobalSource Partners | Country Insights

Rates remained on hold yesterday and the announcement was rather upbeat, noting the rapid opening up of the economy while the escalation in violence had only a limited impact on activity. There is a significant increase in private consumption since the opening up of the economy. GDP numbers in Q1...

Covid Watch Postponed

TURKEY · In Brief · 31 May 2021

Dear Colleagues:As we await the outcome of a cabinet meeting that is taking place now, which is expected to announce the new normalization measures and the calendar, we have decided to postpone our Covid Watch to tomorrow.Thank you for your understanding.Murat Ucer/Atilla Yesilada

Q1 GDP: Some signs of a painful transformation?

TURKEY · Report · 31 May 2021

The Turkish economy grew by a higher than expected 7%, y/y, in the first quarter of 2021, and 1.7%, q/q (Graph 1). The information content of year-on-year data in terms of showing the true state of the economy is especially misleading nowadays, given the strong base effects from last year -- and ...

National Holiday on Thursday, Administrative and Tax reforms in Congress and Dr. Nise Yamaguchi testifies in the COVID CPI

BRAZIL POLITICS · Report · 31 May 2021

Congress meets on Tuesday to analyze presidential vetoes and reallocation of funds. The Ministry of the Economy is analyzing possible bills for Tax Reform. Arthur Lira creates the Special Committee on Administrative Reform. Defendor of hydroxychloroquine, Dr. Yamaguchi, testifies in the COVID CPI...

EU companies see best prospects for Russia since 2012

RUSSIA / FSU POLITICS · In Brief · 31 May 2021

On May 28 the Association of European Businesses (AEB) published its survey. Foreign firms in Russia believe that turbo charged growth will occur. The absence of a second lockdown has been a boon.The Central Bank of Russia says that GDP will return to pre-pandemic levels by the end of 2021.The AE...

Russia and Belarus discuss unity

RUSSIA / FSU POLITICS · In Brief · 30 May 2021

On May 29 the presidents of the two countries met at Sochi. Putin expressed support for Lukashenko who is embroiled in controversy over his forcing down of a Ryanair flight.Putin said that the two nations are creating a ''union state.'' Lukashenko said that the West is causing trouble in Belarus....

Hi tech exports continue to support shekel appreciation

ISRAEL · In Brief · 30 May 2021

Economic indicators continue to point to a strong recovery Hi-tech service exports increased by 28% saar in Q121. Credit card purchases increased by 18% from January to April. Initial data for May point to a modest contraction (sa). Consumer confidence remained elevated in the 1st half of May, sl...

Gazprom earning up as it plans 703 m tower

RUSSIA / FSU POLITICS · In Brief · 30 May 2021

On May 29 the Russian gas giant announced it recovered i Q1 in 2021. It made a profit of USD 6.1 billion. That was against a profit of USD 1.8 billion for the whole of 2020. Sales in Q1 2021 up 30% YoY.Most Gazprom exports go to the EU. Profits from these sales were 25% up in Q1. Prices in RUB we...

Another hack on the US suspected to be Russian backed

RUSSIA / FSU POLITICS · In Brief · 30 May 2021

On May 28 a huge hack occurred in the USA. Government agencies, think tanks, consultants and other bodies were attacked. The group who committed the attack is called Nobelium. The organizations attacked are foreign policy ones. It seems to have been an intelligence gathering exercise.The US Cyber...

The link between EU's ORD and ÁKK/MNB policy

HUNGARY · In Brief · 29 May 2021

On May 27, the EU Commission announced the approval of its Own Resources Decision (ORD) by all 27 member state parliaments. ORD will enable the EU to collect from member states annual fiscal contributions up to 2% of GNI, instead of the maximum 1.4% allowed so far, with a view to generating the r...

Pakistan and Russia agree a pipeline

RUSSIA / FSU POLITICS · In Brief · 29 May 2021

On May 28 the Ministry of Energy announced that a deal on a natural gas pipeline to be called Flagmanaskim has been signed. It will be a 1 100 km long and will carry 12.3 billion cubic meters per year. The pipeline will pass through Karachi to the port of Gwadar. Some gas will be used by Pakistan...

Slowdown, and clashes over corruption

CENTRAL AMERICA · Report · 28 May 2021 · 1 response

The number of daily COVID-19 cases in Costa Rica has been rising since April. The government announced tighter restrictions to limit the spread of the virus, and to address a possible saturation of the public health system. These actions will definitely slow economic activity in May-June, and aff...

It’s not getting any better here

TURKEY · Report · 28 May 2021

As we’ll be extremely tied up over the weekend with one of us traveling, we’ve decided to issue our Weekly today. The ongoing revelations by Mafia boss Sedat Peker marks the Final Act in Erdogan’s reign, according to our political analyst, because he missed the chance to quash them by sacking ...

Russia’s pandemic/political update: going with the flow

RUSSIA ECONOMICS · Report · 28 May 2021

After a steady decline in early 2021, Russia’s daily infection cases descended in mid-March to below 10K, but there has been little progress since then. Daily cases have been hovering mostly between 8K and 9K, albeit occasionally exceeding the lower and the upper boundary of this band. It was a s...

Administrative Reform approved in the CCJ, Dimas Covas criticizes the government in the COVID CPI and the the rapporteur for the privatization of Eletrobras may be chosen next week

BRAZIL POLITICS · Report · 28 May 2021

The Administrative proposal is progressing well in Congress. The next step of analysis – the creation of the Special Committee – may occur in the next few days. The COVID CPI approved the request to summon governors and mayors, shifting the focus away from the federal government. The provisional ...