GlobalSource Partners | Country Insights

On May 27 it was announced that anyone can get a free test for coronavirus antibodies. But they have to register 14 days in advance and wait 3 days for a result. The state wants to know how widespread the antibodies are. The news shows that the health system is no longer groaning as it was a mont...

90% of Russian businesses have not received government support

RUSSIA / FSU POLITICS · In Brief · 30 May 2020

On May 28 the business ombudsman complained that only 10% of businesses have received emergency financial support so far. Over 50% of businesses are in crisis. About 60% say their chances of survival are even.Boris Titov - the business ombudsman - submitted a report to the president presenting th...

Guedes asks for cooperation

BRAZIL POLITICS · Report · 29 May 2020

After first quarter Gross Domestic Product (GDP) contracted by 1.5%, and in view of the intensification of the institutional dispute between the Executive Branch and the Supreme Federal Court (STF), Minister of Economy Paulo Guedes made an appeal for cooperation. In a virtual seminar promoted by ...

EU sending Ukraine EUR 500 million

RUSSIA / FSU POLITICS · In Brief · 29 May 2020

On May 29 the European Union signed off on sending a loan of EUR 500 million to Ukraine.The European Commission ( the EU's executive) approved the payout. It will be completed within 14 days. The EU is pleased with Ukrainian reform in banking, energy and healthcare. Since 2014 Ukraine has receive...

COSTA RICA: Finance Minister asked to resign

CENTRAL AMERICA · In Brief · 29 May 2020

Finance Minister Rodrigo Chaves resigned yesterday after a conversation with President Alvarado. Alvarado was not happy with the way Chaves had handled his discrepancy with a law taking the municipal governments out from compliance with the fiscal rule. Chaves sent an open letter to the President...

Former Ukrainian president under investigation

RUSSIA / FSU POLITICS · In Brief · 29 May 2020

On May 27 an art gallery was raided by the SBI because it contained paintings owned by Poroshenko. Petro Poroshenko is being investigated by the SBI (the Ukrainian equivalent of the FBI). He is accused of illegally importing 43 paintings. He has put them on display.Former President Poroshenko has...

South Africa’s economy moves down to lockdown Level 3

SOUTH AFRICA · Report · 29 May 2020

It has been a long and challenging two months for most South African businesses and workers due to the country lockdown that followed shortly after a state of emergency was declared on account of the Covid-19 pandemic. Therefore, President Ramaphosa’s address on May 24 announcing that the countr...

GULF WEEKLY: Reopenings accelerate, and oil cuts might be extended

GULF COUNTRIES · Report · 29 May 2020 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Most states outlined reopening plans for the next few weeks. * Coronavirus active infections fell in Saudi and Qatar, but returned to growth in UAE and are rising quickly ...

Solid Q1 growth, but brace for an ugly ride ahead

TURKEY · Report · 29 May 2020

Turkish economy grew by 4.5%, y/y, and 0.6%, q/q, in the first quarter of this year (Graph 1), which is somewhat weaker than expectations. More importantly, however, these figures reflect the COVID-19 shock only partially, with the lockdowns affecting at most one-sixth of the quarter. The second ...

Central America, Dominican Republic, Panama Region webinar featuring Francisco de Paula Gutierrez, Felix Delgado, Pavel Isa and Marco Fernandez: Challenges amid the pandemic

CENTRAL AMERICA · Report · 29 May 2020

Central America, Dominican Republic, Panama Region webinar featuring Francisco de Paula Gutierrez, Felix Delgado, Pavel Isa and Marco Fernandez: Challenges amid the pandemic GlobalSource Partners’ Country Analysts discuss the Covid-19 health situation, the macro and fiscal implications of the...

AEB wants fair access to Russian market

RUSSIA / FSU POLITICS · In Brief · 29 May 2020

On May 28 the chief executive of the Association of European Businesses (AEB) said he wants his members to have a fair chance to offer goods and services in Russia. This is especially in relation to coronavirus. The head of the AEB is Tadzio Schilling. The 42 year old former Swiss diplomat took o...

Russia spending USD 114 billion to kickstart the economy

RUSSIA / FSU POLITICS · In Brief · 29 May 2020

On May 25 the Ministry of Economic Development decided that in 2020-21 it shall spend USD 114 billion to stimulate the economy. This was in an internal memo published by Vedomosti newspaper. Most of this will be in spending but there will also be tax deferrals and tax exemptions. Stimulus will be...

Bolsonaro’s reaction increases tension

BRAZIL POLITICS · Report · 28 May 2020

The tension between branches of government has been growing in the last hours and is taking on the appearance of a potential institutional crisis. After the repercussions from the Federal Police (PF) operation against allies, militants and parliamentarians linked to the Bolsonarismo, President Ja...

Disapproval of the administration reaches 43%

BRAZIL POLITICS · Report · 28 May 2020

"Bad/Very bad” evaluations of the Jair Bolsonaro administration increased by five percentage points in nearly 30 days, reaching the highest level of disapproval since August 2019, according to the most recent Datafolha poll released today, May 28. On the other hand, Bolsonaro continues to demonst...

Russian macro: 2020 outlook unchanged amid mixed statistics in April

RUSSIA ECONOMICS · Forecast · 28 May 2020

Preliminary statistics for April released by Rosstat indicate that retail sales were sharply lower, both m-o-m and y-o-y, by 28.5% (not seasonally adjusted) and by 23.3%, respectively. The 4M20 tally fell by 2.8% y-o-y. A very deep contraction was generally expected, but the published figures s...