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COUNTRY INSIGHTS

Funding for payroll tax relief and other weekly topics
BRAZIL POLITICS · Report · 24 Jun 2024

Reduced activity in Congress this week due to the June festivals. This week the House Working Group on Tax Reform regulation concludes the phase of public hearings and begins drafting a final text. The Executive Office and Senate continue their efforts in search of compensatory measures for payro...

Terrorist attacks on synagogue and churches in Russia
RUSSIA / FSU POLITICS · In Brief · 24 Jun 2024

On June 23 a police post and places of worship were attacked by gunmen in Dagestan. The police post was there to protect the synagogue. Dagestan is the home of an ethnic minority Muslim community in the Caucasus and has been plagued by terrorism since the 1990s. In the late 2000s the situation im...

Slower week in Congress, the Tax Reform Working Group will hold its final public hearings, and the government will announce the 2024/2025 Harvest Plan
BRAZIL POLITICS · Report · 24 Jun 2024

This week will be slower in Congress due to the June festivities, which are very important for many congressmen, especially because of the upcoming municipal elections. This is the last week of activity in the Judiciary. The Working Group on Tax Reform will hold its last four public hearings this...

Slow housing activity + tight labor market support inflationary pressure
ISRAEL · Report · 24 Jun 2024

1. The labor market remains tight with job vacancies elevated and the unemployment rate low. 2. Residential completions declined sharply in Q124; a trend which will likely support higher housing prices, rentals as well. 3. The current account remained strong in Q124 but FDI declined. Fund...

Weak residential investments and a tight labor market are expected to keep inflation elevated
ISRAEL · In Brief · 23 Jun 2024

Geopolitics: Israel continues to operate in Rafah targeting Hamas operatives and tunnels, but the army says this part of the operation will end in about two weeks’ time. Attention is currently focus on the Northern border with the low-level conflict with Hizballah continuing and Israel threatenin...

The Package, FATF and the BRICS
TURKEY · Report · 23 Jun 2024 · 1 response

The Treasury and Finance Minister Mehmet Simsek will brief the CHP economics team on the Economic Stabilization Program on Monday, in yet another sign that President Erdogan is committed to normalization despite Bahceli’s objections. Turkey has decided to join BRICS+, probably to alleviate Put...

South Korea reacts to Putin's visit to North Korea
RUSSIA / FSU POLITICS · In Brief · 22 Jun 2024

On June 21 Seoul summoned the Russian Ambassador to register South Korea's displeasure at the defense agreements signed by Putin and Kim Jong Un. South Korea asked that Russia end its military collaboration with North Korea and re-commence adherence to UN Security Council Resolutions. Russia vote...

EU sanctions Russian liquidified natural gas
RUSSIA / FSU POLITICS · In Brief · 22 Jun 2024

On June 20 the European Union announced the measures. LNG is crucial to the Russian economy. The aim of the sanctions is to make it harder for Russia to finance its war effort. The sanctions cut off Russian access to technology for LNG. They also target the shadow fleet of ships that transports R...

UniTeam, no united team anymore?
PHILIPPINES · In Brief · 22 Jun 2024

As we wrote in this space last February 12, 2024 we focused on the brewing issue of a possible break up in the UniTeam of President Ferdinand Marcos, Jr and Vice-President Sara Duterte, or effectively the Marcoses and the Dutertes. We based such a possibility on the President’s statements that he...

GULF WEEKLY: Oil rises to $86, GCC competitiveness improves, UAE FDI surged in 2023
GULF COUNTRIES · Report · 21 Jun 2024 · 1 response

A skimmable summary overlaid with our analysis and links. Headlines: * Brent crude continued to rebound, rising to $86 today, the highest since April. * Gulf states all improved in IMD’s competitiveness index for a second year, led by the UAE at 7th globally. * The UAE led GCC FDI inflows in...

The pace of legislative activity will be reduced next week, the Tax Reform Working Group will hold its final public hearings, and the government will announce the 2024/2025 Harvest Plan on Wednesday
BRAZIL POLITICS · Report · 21 Jun 2024

Due to the June festivals, activity in the National Congress will be significantly reduced next week. However, important discussions will continue. Next week, the Tax Reform Working Group will hold its final public hearings on the regulation of the matter. The goal is to present the final text on...

TOPIC OF THE WEEK: CCA Quarterly Outlook
CAUCASUS / CENTRAL ASIA · Report · 21 Jun 2024

We provide the quarterly update of our country “cheat sheets”. Since we published our 2024 Outlook, which we dubbed “Less growth, less risk”, the evolution of macroeconomic activity has been supportive of the idea of a slightly moderating pace of activity. Still, the start of the year has been st...

Webinar Replay - Brazil: The Good, the Bad and the Ugly
BRAZIL ECONOMICS · Report · 21 Jun 2024

Visit our calendar page to watch the replay of our webinar on Brazil's monetary and fiscal policy and its impact on the country's macroeconomic outlook. What is the Central Bank of Brazil signaling about the future of the country's monetary policy? How will the increasing inflation expectations b...

Kazakhstan passed law on media
RUSSIA / FSU POLITICS · In Brief · 21 Jun 2024

On June 20 the president signed the law that allows people 3 years after the publication of an item in which to file a lawsuit. Anything disrespectful will be subject to legal proceedings. All internet resources are now designated media outlets and therefore subject to the law. The rules around r...

Gamechanger
VENEZUELA · In Brief · 20 Jun 2024 · 1 response

The constitutional injunction filed on June 19 before the Supreme Court of Justice by Jaime Gonzalez, deputy of the National Assembly for a "loyal opposition party," will most likely lead to an indefinite suspension of the presidential election scheduled for July 28. The plaintiff requests an unn...

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