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Costa Rica Macroeconomic Program for 2020-2021
CENTRAL AMERICA · Report · 02 Feb 2021

On January 29th, Central Bank of Costa Rica released the macroeconomic program for 2021-2022. The main indicators estimated by the Bank, as well as those defined as monetary policy targets, are displayed in Table 1, taken from the Central Bank’s publication.

Russian economy contracted 3.1% in 2020
RUSSIA / FSU POLITICS · In Brief · 02 Feb 2021

On February 1 Moscow announced its official statistics for economic growth in 2020. The shrinkage was less severe than anticipated. The avoidance of a second lockdown was partly the reason for this. Spain by contrast experienced an 11% economic contraction. Rosstat revealed that hotels, restauran...

Russian macro: money markets becoming less distorted in 2021 as Minfin’s meddling set to subside
RUSSIA ECONOMICS · Report · 02 Feb 2021

Ruble liquidity tightened in 4Q20 and continued to do so in January, as well, despite massive spending from the federal budget at the very end of the year. In December alone the government spent R3.9 trln (versus R2.1 trln in November). The federal budget deficit reached R1.7 trln in December, a...

Russia: We can cut ourselves off from the global internet
RUSSIA / FSU POLITICS · In Brief · 02 Feb 2021

On February 1 Dmitry Medvedev said that the government has the ability to isolate the country from the global internet if the situation demands it. He noted that Russia could also disconnect from SWIFT. Medvedev is deputy chair of the Security Council. The law permits the government to do so. How...

Synthesis of the Brazilian economy
BRAZIL ECONOMICS · Report · 01 Feb 2021

The evolution of the pandemic continues largely to dictate the country’s economic and political situation. The new upsurge of contagion and rising death rate, partly due to mutations of the coronavirus and partly because of the absence of a national plan to deal with the pandemic, has brought the...

Taxes hikes and ISA sale to raise pandemic funds
COLOMBIA · Report · 01 Feb 2021

Increasing the scope of the welfare state and strengthening the state presence nationally, two key tenets of the 1991 Constitution, have raised government spending over the last three decades. Given the public spending pressures generated by the pandemic, and the need to start a fiscal adjustment...

Politics: Local and global barriers to the vaccination effort
MEXICO · Report · 01 Feb 2021

The spread of Covid-19 in Mexico has proven much worse this winter than had been expected, with no break in sight. The latest evidence points out that the country is among the worst nations in managing the pandemic. Despite the gravity of the situation, the government failed to rectify its mis...

Covid lockdown is unlikely to be eased before early April
HUNGARY · In Brief · 01 Feb 2021

A few days ago, the government cabinet decided to extend the existing Covid lockdown until March 1, i.e., by a full month. This was just as expected, of course. Although the second wave of Covid has retreated substantially in every respect, but it is not at all out of the way yet. Moreover, it wa...

​Budget 2021-22
INDIA · In Brief · 01 Feb 2021

The problem. Most GDP growth and jobs emerge from the willingness of private persons to put equity capital and emotional energy into building private organizations. The most important problem of the Indian economy is the loss of dynamism in private investment from 2011 onwards. In recent years, w...

A more agitated political environment in Brasilia and other weekly topics
BRAZIL POLITICS · Report · 01 Feb 2021

Congress and Superior Courts resume activity. In the Senate, the election for the presidency is scheduled for Monday, February 1, at 4pm, and in the House, at 7pm. The truckers’ strike scheduled for this Monday is unlikely to receive much support. Material for the production of the CoronaVac vacc...

GDP contracts by a mere 3.1% in 2020
RUSSIA ECONOMICS · In Brief · 01 Feb 2021

Rosstat reported that the Russian GDP decreased by 3.1% in 2020, which is in line with GKEM Analytica’s expectations. As was mentioned in the previous notes, ongoing regular upward revisions of monthly statistics explain a slightly better outcome relative to what GKEM Analytica expected. On top o...

Economics: Data heightens 2021 economic tasks
MEXICO · Report · 01 Feb 2021

The economic news of the past month showed some signs of an easing of the recessionary panorama as the -3.3% yoy fall in industrial activity for November was one of the least pronounced negative results of 2020 thanks largely to gains in some components of the manufacturing sector. However, the d...

The NBU Monetary Policy Committee: two members voted for a prime rate increase
UKRAINE · In Brief · 01 Feb 2021

The NBU released the summary of the Monetary Policy Committee discussion on the prime rate decision. As we see from the summary all members of the Committee perfectly recognize that inflation is already above 6% prime rate. However, the majority of the members are treating the inflation tendency ...

GDP contraction in Q420 likely to be modest
ISRAEL · Report · 01 Feb 2021

Economic indicators for Q420 have been fairly positive, with strong export growth (especially hi-tech services) and only a moderate decline in private consumption. The shekel stabilized last week as rapid vaccinations (supporting inflows) has been a positive factor offsetting likely BoI intervent...

We calculate an 18% downturn in the economy for 2020 and a rebound of 4.7% for 2021
PANAMA · Forecast · 01 Feb 2021

We calculate a decrease in real economic activity of 18% for 2020. According to our estimations, construction (public and private) and related industries, retail trade, tourism, the Colon Free Zone, international transportation, banking, and energy production accounted for most of the recession. ...

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