GlobalSource Partners | Country Insights

South Africa (SA) has exited its longest recession in more than two decades, registering 66.1% q/q GDP growth in annualized terms (non-annualized: 13.5%). This, after contracting by 51.7% in the second quarter (non-annualized: 16.4%). A year-on-year comparison shows a contraction of 6%, better th...

Cancellation of USD1.260 b in public debt as a result of a liability management operation.

DOMINICAN REPUBLIC · In Brief · 09 Dec 2020

The Dominican Government achieved yesterday the cancellation of USD1.26 b of public debt through a liability management operation. The operation consisted of the repurchase of the securities maturing in 2021, 2024 and 2025 and their replacement by the bond maturing in 2032. The latter has a longe...

Judge dictates coercive measures against those accused in the Anti-Pulp Operation

DOMINICAN REPUBLIC · In Brief · 09 Dec 2020

Last night, Judge José Alejandro Vargas ordered the preventive detention of seven of the eleven defendants in the Anti-Pulpo Operation, including Alexis Medina Sánchez who is the brother of former President Danilo Medina Sánchez. Regarding the remaining defendants, the judge ordered the release w...

Russia’s external balance remains solid in 11M20

RUSSIA ECONOMICS · In Brief · 09 Dec 2020

According to a CBR’s flash estimate, the current account surplus reached $29.1 bn in 11M20, while the trade surplus was at $80.6 bn. The latter figure is well in line with CBR’s previous releases – trade surplus reached $64.8 bn in 9M20 and was estimated at $73.0 bn in 10M20, i.e., kept widening....

Decreasing headline inflation in November unlikely to lead to monetary easing

HUNGARY · In Brief · 08 Dec 2020

The headline CPI-inflation rate fell further in November, to 2.7% yoy from October's 3%. This was the third consecutive month of a significant decline, which in itself raises the question if monetary easing is likely to happen soon.Our conclusion is that it is not, for a number of reasons. One of...

Russian constitutional reforms take effect

RUSSIA / FSU POLITICS · In Brief · 08 Dec 2020

On December 8 Putin signed the amendments into law. The State Council was solely consultative organ. Its status has been raised to being a constitutional state body whose complement is filled by regional governors and officials by presidential appointment. The State Council shall direct policy bo...

Russia verifies Venezuela election

RUSSIA / FSU POLITICS · In Brief · 08 Dec 2020

On December 7 Moscow endorsed the Venezuelan National Assembly election. Russia has a close relationship with Venezuela based on oil interests and common hostility to US hegemony. The US, EU and Organization of American States denounced the election as a sham. The opposition dismissed the electio...

Russia's food production not compensating for sanctions

RUSSIA / FSU POLITICS · In Brief · 07 Dec 2020

On December 7 the National Rating Agency published a report on Russia's import substitution policy with regard to food. The report concluded that the government's policies have had little success. The government had hoped for an agricultural boom. Indeed Russian farmers have done well but have no...

Politics: Under-ambitious judicial reform objectives

MEXICO · Report · 07 Dec 2020

By far the weakest link in Mexico’s hopes for consolidating its democracy is the extent to which power is exercised in a manner far removed from an indispensable democratic prerequisite: respect for the rule of law. The country’s federal and state court systems have long been plagued by grave lev...

The succession in Congress after the STF decision and other weekly topics

BRAZIL POLITICS · Report · 07 Dec 2020

This is a week with important votes on the Congressional agenda. In the House, votes are scheduled for the BR do Mar proposal, the bill on state debt, and the bill on the use of public funds to fight the pandemic. In the Senate, the new law on public tenders and the regulatory framework for the n...

No agreement seems to have been reached on the rule-of-law mechanism until tonight

HUNGARY · In Brief · 07 Dec 2020

A short while ago, foreign minister Szíjjártó told Reuters in Brussels that Hungary and Poland are holding themselves to their intention to veto the 7-year EU budget and the recovery package attached to it.Also today, an unnamed diplomat at the EU has told Reuters that the two countries have been...

Who is afraid of Gustavo Petro?

COLOMBIA · Report · 07 Dec 2020

The national government deficit for 2020, estimated at 8.2% of GDP in June, was by November rising toward 8.9%, and the estimated deficit for 2021 had been massively revised upward, to 7.6%, from 5.1% of GDP in June. Given that the government’s GDP growth forecasts were also revised downward, fro...

Economics: November data points to trouble ahead

MEXICO · Report · 07 Dec 2020 · 1 response

There were a few positive tidbits from last month’s economic news, and in general indicators tended to ease off their historical lows from earlier in the year, but they remain very weak. A sequential increase in the leading indicator for September pushed the index barely back into expansion range...

A month of good news for the PRM government, and of misfortune for the PLD

DOMINICAN REPUBLIC · Report · 07 Dec 2020

The actions carried out by the Attorney General’s office during the last weekend in November ended the waiting period for the submission to justice of the alleged corrupt officials and close associates of the administration of former president Danilo Medina Sánchez. Ten people were arrested durin...

Private consumption rebounds in November

ISRAEL · Report · 07 Dec 2020

* The fiscal deficit reached 11.1% GDP in the LTM; we expect a deficit of 11.8% this year. * Private consumption indicators point to a strong rebound in November, and consumer confidence has improved modestly as well. * Total disposable income (including government support) of workers ac...