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COUNTRY INSIGHTS

Improved Expectations, With A Growth Challenge Ahead
PERU · Forecast · 26 Oct 2016

We continue to envisage a relatively optimistic scenario for the Peruvian economy, though certainly less optimistic than the authorities do. GDP grew by a stronger 4.2% y/y in the first eight months of 2016, due to an 9.5% expansion of primary sector activity, driven by the production ramp-up of ...

The MNB announced two additional steps to loosen monetary conditions today
HUNGARY · In Brief · 25 Oct 2016

Apparently, the MNB is not satisfied with its previously announced policy of reducing the stock of bank placements into its 3-month deposit facility to HUF900bn by year end, marking a HUF1076bn decrease from the level recorded on September 21, the day immediately before that announcement. Today, ...

Settle in for a Long Wait
COLOMBIA · Forecast · 25 Oct 2016 · 1 response

The government’s new tax reform plan is crucial for restoring fiscal health, and preserving Colombia’s investment grade. We expect it to be approved in a watered-down, though still decent, form by December, as the political scenario for its passage is far from ideal. That should be enough to make...

Turning point
VENEZUELA · Report · 24 Oct 2016

The focus of political conflict is no longer the recall referendum. It has turned to constitutionality and legality of Maduro’s government.

Week of October 24
BRAZIL POLITICS · Report · 24 Oct 2016

A week full of important events ahead: The House may conclude the second round vote on the Federal Spending Amendment. The Accounts Court of the Union (TCU) rules on whether the BNDES must return R$ 100 billion to the Treasury. In the Federal Supreme Court (STF), the trial on retirements could ha...

What Will be the Size of the Easing Cycle?
BRAZIL ECONOMICS · Report · 24 Oct 2016

Various controversies exist in the financial market regarding the execution of monetary policy. One of them refers to the size of the total cut in the interest rate. Another involves the pace of the initial movements by the Central Bank. The past few days have been marked by critiques by those wh...

Frustration over Economic Activity and the Reaction of Monetary Policy
BRAZIL ECONOMICS · Report · 24 Oct 2016

Last week a large number of indicators were disclosed strengthening the expectation of further contraction of GDP in the third quarter. If this is confirmed – and the probability is high – Brazilian society will be “rewarded” with the worst recession since CODACE (Committee for Dating Economic Cy...

Elections Offer Turning Point Opportunity
ECUADOR · Forecast · 24 Oct 2016 · 1 response

Ecuadorians know that the 2017 electoral stakes are high: their choices could define the continuation or the end of a political and economic model that has lasted for 10 years, supported by many, but hated by many, too. The departure of a charismatic leader, the economic crisis and the vulnerabil...

Week of October 23
TURKEY · Report · 23 Oct 2016 · 1 response

Turkey’s political uncertainties proliferated with daunting speed since the beginning of October, some of which are not yet fully grasped by the international investment community. We now believe a presidential referendum commands 75% odds, though timing is uncertain. Polls show Erdogan’s support...

​Oops!... He did it again
PHILIPPINES · In Brief · 21 Oct 2016

Last month, when President Rodrigo Duterte said he was cancelling military exercises and other cooperation with the U.S., the general reaction even from inside government was, he couldn’t possibly have said that or even if he did, it couldn’t possibly be what it sounded like. But he did say it. A...

Improved Economic Conditions – but for How Long?
SOUTH AFRICA · Forecast · 21 Oct 2016

• Economic Growth: Our GDP forecast for both 2016 and 2017 depend upon a number of factors, one of the most important being South Africa’s sovereign credit rating remaining in investment grade territory. Complex domestic and global forces are still affecting South African economic growth. For in...

20% indefinitely postponed
VENEZUELA · In Brief · 20 Oct 2016 · 2 responses

The National Electoral Council (CNE) announced tonight that the collection of digital signatures from 20 percent of the electorate scheduled for October 26–28 is indefinitely postponed. The decision is based on questionable injunctions issued earlier in the day by five municipal-level criminal co...

If Not For You, Winter Would Have No Spring (Bob Dylan)
CHILE · Report · 20 Oct 2016

With the Monthly Index of Economic Activity rising above market expectations in August, the Minister of Finance treated the report as an opportunity to boost market sentiment. But we should be cautious in talking about re-acceleration. The Monthly Index of Business Confidence also fell back to ea...

MPC Pauses on Lira Weakness
TURKEY · Report · 20 Oct 2016

The Monetary Policy Committee left all short-term rates unchanged at today’s meeting. While this is contrary to the consensus (and our) expectation of another 25 bps cut of the O/N lending rate, these expectations had begun to be modified and shift toward a pause during the course of the past few...

Economics: Consumer Price Index Inflation with Upward Pressure
MEXICO · Report · 19 Oct 2016

After lingering below Banco de México’s 3% target for 17 months, inflation has begun to bounce back in the past three months for a number of reasons. In September, 12-month inflation hit 2.97%, its highest point so far this year. At first, various analysts and even the central bank argued th...

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