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COUNTRY INSIGHTS

What to expect from the critical Erdogan-Babacan and Basci summit?
TURKEY · In Brief · 10 Mar 2015

Davutoglu received a second briefing today from his economy team and announced that President Erdogan will receive economy czar Babacan CBRT head Basci on Wednesday (time of the meeting not available to me). The critical summit was preceded by a global EM F/X sell-off, massive turmoil in Turkish ...

Week of March 9
BRAZIL POLITICS · Report · 09 Mar 2015

The list of politicians involved in the Petrobras scandal will dominate the week and should increase the political temperature.The release of the names could influence the protests scheduled for the 15th.President Dilma meets with her political council on Monday.The House analyzes the minimum wag...

Fighting for Peace
RUSSIA / FSU POLITICS · Report · 09 Mar 2015

A long-awaited ceasefire benefits separatists in Novorossiya as they managed to use last days before it came into force to capture an important transportation hub and can now regroup and consider further advancement. Russia would prefer to avoid further sanctions and can now wait some time for a ...

Forces Weakening the Real
BRAZIL ECONOMICS · Report · 09 Mar 2015

Nobody who uses two elements – the Brazilian current account deficit and the change in the international scenario, marked by appreciation of the dollar and decline of commodity prices – could have doubts that Brazil has entered a currency depreciation cycle. But these two forces together are insu...

Weekly Tracker: March 8-14
TURKEY · Report · 08 Mar 2015

Executive Summary The main opposition party CHP is aiming high in this election. Can it really score the 35% it has set as a goal? We think not, but the fault doesn’t lay with the party. Meanwhile, former President Mr. Abdullah Gul is signaling that he may return to active politics. What kind of ...

Fiscal Adjustment
BRAZIL POLITICS · Report · 04 Mar 2015

Returned Provisional Measure a sign of congressional opposition to fiscal adjustment On Tuesday night, March 3, Senate President Renan Calheiros (PMDB-AL) decided to return Provisional Measure 669, which deals with payroll tax exemptions and other tax issues, to the Executive. In practice, this m...

Beware of Headwinds Ahead
MEXICO · Report · 04 Mar 2015

Executive Summary Economic activity firmed further through 2014, the latest data reveals, though some sectors suffered setbacks, and all analysts have lowered their growth forecasts for 2015. GDP rose 2.6% in Q4 2014, driven by growth in all three major sectors, and despite weakness in extractive...

Core Encourages, Questions Remain
TURKEY · Report · 03 Mar 2015

February CPI inflation came in at 0.7%, broadly in line with expectations, which raised the 12-month rate to 7.5%, up from 7.2% in January, because of – once again – a sharp increase in food prices. Producer price inflation continues to fare low, thanks to favorable base effects as well as the sh...

Parliament approves budget amendments which should unlock the IMF loan
UKRAINE · In Brief · 03 Mar 2015

On March 2 Ukrainian parliament approved changes to the spending plan 2015. Revenues’ target for state budget was set 37% higher than actual collections in 2014 (UAH 498.2 billion vs. UAH 363.6 billion). Central budget deficit was also increased to UAH 76.3 billion which is 4.1% of GDP. Combined ...

The FDI Split
CHINA · Report · 02 Mar 2015

Executive Summary Exports fell -3.3% y/y in January in dollar terms, down 11.8 pps from Q4. Export weakening was likely due to yuan appreciation against the dollar. Imports fell -19.9% y/y, down 18.3 pps. After correcting for the effects of the Chinese New Year holiday, import figures should a...

Minister Takes Fall For Trade Drade
ECUADOR · Report · 02 Mar 2015

Executive Summary Minister of Industries Francisco Rivadeneira was fired on February 19th, apparently over a dramatic tariff hike on Colombian and Peruvian imports, a move quickly rescinded in the Colombian case, and being reconsidered for Peru. Falling oil prices, combined with dollar appreciati...

Declining Confidence Indicates Recession
BRAZIL ECONOMICS · Report · 02 Mar 2015

The confidence indexes produced by FGV have a proven track record of pointing to economic trends. And all of them indicate a new round of deceleration. We start with the consumer confidence index (Graph 1), which has been falling since the second half of 2012, and more steeply since the middle...

The Recession of 2015 and the Lessons of 1999 and 2003
BRAZIL ECONOMICS · Report · 02 Mar 2015

Executive Summary The growth of the Brazilian economy started to decline in 2010, and disappeared totally in 2014, a year of stagnation. Diagnostic errors and unwitting experiments in conducting economic policy explain that performance. To reverse this situation – and preserve the country’s in...

Week of March 2
BRAZIL POLITICS · Report · 02 Mar 2015

Considerable expectations surround the list Prosecutor General Rodrigo Janot will release this week.With the release of the list, the Petrobras scandal will enter a new phase.The House could vote on minimum wage policy. The Senate is expected to focus on political reform.Congress meets to vote on...

Budget Speech Analysis
INDIA · Report · 02 Mar 2015

Executive Summary This Special Report was originally issued on March 1, 2015 as a post on GSP Direct, the GlobalSource Partners interactive webtool providing clients an initial response to breaking news and developments. The BJP, armed with a clear majority in the Lok Sabha and the desire to brea...

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