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COUNTRY INSIGHTS

Inflationary pressures don’t subside
VENEZUELA · Report · 12 May 2017

Our monthly inflation rate forecast accelerates to 17.6 percent in May from 15.6 percent in April owing to the rising price of the dollar in the parallel market, the May 1 wage hike, monetary expansion, and worsening supply chain problems. The annual inflation rate falls to 578.6 percent from 592...

Economics: Public Finance in Right Direction During 1Q
MEXICO · Report · 11 May 2017

Last week the Ministry of Finance released preliminary data on public finance for the first quarter of 2017, which at first glance would appear to offer evidence that accounts are moving in the right direction to the extent that they are aligning with the government’s plan for this three-month pe...

Politics: A Weak Link in the Anticrime Strategy
MEXICO · Report · 11 May 2017

Last week the name of Dámaso López Núñez joined the list of scores of major drug lords the government has taken down since an offensive against organized crime was launched in 2007. That success in eliminating the key players in what had become some of the world’s most powerful drug cartels refle...

Growth Picks Up For Now
CHINA · Forecast · 11 May 2017

President Jinping Xi held a top-level meeting on April 25th, where he emphasized the importance of avoiding systemic financial risk. The market interpreted this meeting as a plan to tighten liquidity. The benchmark seven-day repo rate instantly hit a two-year high, of 3.18%. We expect the financi...

Non-fuel inflation keeps rising slowly despite the falling headline rate
HUNGARY · In Brief · 10 May 2017

The yoy headline rate of CPI-inflation fell again in April, this time to 2.2% from the 2.7% recorded in March, and from 2.8% in February, which was the highest reading in the series since January 2013. Thus the movement of the headline inflation rate has become quite hectic, due to fuel prices, w...

Trump to arm Kurds, to anger Turks
TURKEY · In Brief · 10 May 2017

President Trump finally made the long-anticipated decision to arm the Syrian Kurdish militia named YPG currently battling alongside Arab forces to liberate Raqqa from DAESH. Turkey labels YPG and its political branch PYD as a terrorist outfit, because of their deep ties to Kurdish separatist PKK....

Visa-Free Travel to Europe A Feather in Poroshenko’s Cap
UKRAINE · Report · 09 May 2017 · 1 response

Positive developments in April included receipt of a third IMF loan tranche, the European Parliament’s surprise approval of a visa-free regime for Ukraine, a big win for the president that should nicely position him for a second five-year term. The Verkhovna Rada approved a key law for electrici...

Q1 2017 GDP growth rate: 5.2%
DOMINICAN REPUBLIC · In Brief · 09 May 2017

The Central Bank announced yesterday that real GDP growth rate for Q1 reached 5.2%, compared to Q1 2016. The figure is in line with prospects of a moderate decline in growth for 2017. Finance, agriculture, construction and tourism led economic expansion during the period. Although it is a lower r...

Week of May 8
BRAZIL POLITICS · Report · 08 May 2017

Special Committee on Pension Reform is expected to conclude its vote on the report this week. Testimony by former President Lula before Judge Sérgio Moro will lead to mobilization of social movements in Curitiba. The Lower House may conclude voting on the bill on states’ debt. Henrique Meirelles ...

Legislative action to address the banking crisis
INDIA · In Brief · 08 May 2017

What just happened?The government got an `ordinance' done which amends the Banking Regulation Act. Under the Constitution of India, an `ordinance' is a modification to a law, done in an emergency by the administration, when Parliament is not in session. The claim is that we have an urgent problem...

What is the Current Stage of the Economic Cycle?
BRAZIL ECONOMICS · Report · 08 May 2017

When the economy enters a steep recession, like in 2015, all the indicators decline at the same time, but when the GDP ceases to decline, some sectors and products start growing again while others only show stability or even continuing contraction. All signs are that the cycle of shrinking GDP ha...

The next Governor of the central bank is....
PHILIPPINES · In Brief · 08 May 2017

Pres Duterte tonight named BSP Deputy Governor Nestor Espenilla to succeed Governor Amando Tetangco as head of the BSP. We think this is market positive and augers well for the economy. It also confirms what we have always said, i.e., in matters concerning the economy, the President listens to hi...

Political and Economic Update
TURKEY · Report · 07 May 2017

Today’s Weekly Update starts with a report from the Frankfurt Global EM conference organized by Toronto Dominion Securities and Global Source Partners, where interest in Turkey was buoyant, yet risks were underestimated, in our opinion. On the political front, at home, AKP officials deny rumor...

Stronger industry, weaker retail sales in Q1
HUNGARY · In Brief · 06 May 2017

Following a year of 'positive stagnation' (+0.6%) in 2016, industrial output rose by 9.5% yoy in March and by 6.2% yoy in Q1 2017. This appears to be caused by the strengthening European economy, as Hungarian industrial output is moving (at last) in line with Euro Area manufacturing PMI:Sources: ...

Review of key issues: Economic activity, Canal, and the Pacific Alliance
PANAMA · Report · 05 May 2017

The Monthly Index of Economic Activity expanded 5.5% y/y in February, and 5.2% from January to February, the highest growth since April 2015. We expect real GDP to increase by around 5.3% in Q1 2017. Most indicators showed that the highest early-year growth revolved around Panama Canal expansion,...

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