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COUNTRY INSIGHTS

The economy slowed through April while Mulino builds his team with pro-market figures. We discuss the Mulino-Martinelli relation and its implications. The July election of the new Legislative Directorate is key for reforms.
PANAMA · Report · 14 Jun 2024

First quarter data, as well as data from April, indicate that exports and total investment fell, while consumption and imports increased. The IMAE showed a decrease of 2.1% in March and YoY cumulative growth of 0.04% in the first quarter. We forecast 2% real growth for the remaining quarters and ...

Balance of payments looks stable
RUSSIA ECONOMICS · In Brief · 14 Jun 2024

The Russian Central Bank published its flash estimate of the 5M24 balance of payments, and it looks as though its trends remain sustainable. In 5M24, the current account surplus reached $38.1 bln. It accounted for $5.1 bln in May alone, i.e., slightly lower than in April ($7.1 bln). Exports in Ma...

Government with near-absolute power embraces reform
DOMINICAN REPUBLIC · Report · 14 Jun 2024

President Luis Abinader in the May 19th elections not only managed to win reelection with 57.5% of the vote, but his PRM party also achieved the necessary control in Congress to pass pending economic reforms, without the need to negotiate with the opposition -- including majority for a constitu...

Rate cut still difficult to price in without a cease-fire
ISRAEL · In Brief · 14 Jun 2024

Sharp downward inflation surprise in May It is rare we see such a below-expectations inflation print. Inflation came in at 0.2% m/m (consensus in Israel was 0.5%-0.7%, we were at the high end), holding steady at 2.8% y/y similar to last month. The main “culprit” for this surprise was flights abro...

The government is looking into cutting spending, Pacheco may submit a bill on state debt, and the CCJ will discuss the autonomy of the Central Bank
BRAZIL POLITICS · Report · 14 Jun 2024

The government is internally discussing measures to cut spending. This discussion involves both the ministries of Planning and Finance. Minister Simone Tebet stated that the issue of expenses does not involve only spending cuts. The agenda will be busy next week. The Senate President, Rodrigo Pac...

Webinar Replay - South Africa’s 2024 Post-Elections Review: Expectations vs Outcome
SOUTH AFRICA · Report · 14 Jun 2024

Visit our calendar page to watch the replay of our webinar on the results of South Africa's elections and their key policy implications. What will South Africa's near-term governance trajectory look like and will the public sector's ability to deliver be restored? What is the outlook for economic...

TOPIC OF THE WEEK: Armenian central bank sticks to rate cuts, for now
CAUCASUS / CENTRAL ASIA · Report · 14 Jun 2024

Against a background of robust economic activity but still subdued inflation, the central bank implemented its fourth rate cut this year, lowering the key refinancing rate by 25bpts to 8.00 percent. Cumulative cuts since the start of the easing cycle last May have now amounted to an impressive 27...

Kazakhstan economic growth moderates amid evolving foreign trade
KAZAKHSTAN · In Brief · 14 Jun 2024

The Bureau of National Statistics reported that in 5M24, the short-term indicator (a monthly proxy measure of the overall economic activity) grew by 3.7% y-o-y, i.e., down from 3.9%, 4.7%, 5.2% y-o-y in 4M24, 1Q24, and 2M24. In 2023, it grew by 5.1%. Even though not a complete set of monthly econ...

Bahceli’s casus belli to Erdogan
TURKEY · In Brief · 13 Jun 2024 · 1 response

In a week widely anticipated to be headlined by the second Erdogan - Ozgur Ozel (CHP chair) summit, MHP leader Devlet Bahceli stole the limelight by issuing an unprecedently strong casus belli to Erdogan. The Erdogan-Ozel meeting went better than I anticipated, with leaders resolving to continue ...

South Korean President visits Central Asia
RUSSIA / FSU POLITICS · In Brief · 13 Jun 2024

On June 10 the Korean President visited his counterpart in Turkmenistan. They discussed transport, energy and the environment. On June 12 he met the Kazakh President. Agreements were signed on the chemical industry, oil and gas. This coincided with the Kazakh Korean Business Forum. There is a sig...

New US sanctions on Russia
RUSSIA / FSU POLITICS · In Brief · 13 Jun 2024

On June 13 the United States announced sanctions on Russia. Sanctions are against 300 entities in Russia but also in countries accused of facilitating sanctions evasion such as the UAE, South Africa, Turkey and China. The sanctions hit three of the main entities concerned in trading Russian liqui...

The European Court of Justice imposes a big fine on Hungary
HUNGARY · In Brief · 13 Jun 2024

The ECJ announced earlier today a €200 million fine on Hungary, for failing to fully comply with its decision of December 2020 on how the country should change its asylum system, plus a €1 million fine for each day of further delay in complying with that ruling. The said decision was that Hungary...

The STF decided that the FGTS balance must be adjusted according to the IPCA, Minister Haddad is being criticized for his excessively fiscal approach, and Minister Filho is being accused of passive corruption
BRAZIL POLITICS · Report · 13 Jun 2024

Yesterday, the Supreme Federal Court (STF) decided that the Guarantee Fund for Length of Service (FGTS) balances must be adjusted according to the consumer price index (IPCA). The decision will only take effect after the publication of the court's decision. Finance Minister Fernando Haddad is exp...

The view from Harvard
CHINA ADVISORY · Report · 12 Jun 2024

I was invited to participate in a conference last week sponsored by Harvard Law School that has been occurring annually since 2004. That year, both the Chinese Minister of Finance and the Central Bank Governor spoke, along with the Emissary of the U.S. Secretary of the Treasury to the People's Re...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 12 Jun 2024

May 30 Fitch: The agency has retained Bereke Bank's BB rating with a negative forecast. May 31 Ministry of Transport: EU has lifted all restrictions on flights to the EU countries from Kazakhstan. NBK: The Monetary Policy Committee of NBK has cut the base rate by 25 bps to 14.5%. Eurasian Economi...

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