GlobalSource Partners | Country Insights

There is anticipation over the government’s submission to Congress of alternative measures to the IOF increase. The Supreme Federal Court (STF) continues its judgment on the liability of big tech platforms for third-party content posted on social media. The Court is also hearing depositions from ...

Can the bank of Jamaica declare Independence Day?

JAMAICA / BAHAMAS · Report · 09 Jun 2025

On Wednesday, May 21, the Bank of Jamaica (BOJ) made a surprise one-quarter point cut in the policy interest rate, namely the rate offered to deposit-taking institutions (DTI’s) on overnight placements, from 6 percent to 5.75. Justifying the cut, BOJ Governor Richard Byles noted that inflation co...

Some like it hot

BRAZIL ECONOMICS · Report · 09 Jun 2025

The labor market remains tight, as evidenced by the new drop in the unemployment rate in April, after three quarters of stability. Our estimates suggest that labor market-driven pressures are likely to persist for quite some time. Even considering the economic slowdown projected by the Centra...

Russian macro: abrupt economic deceleration prompts CBR’s decisive action

RUSSIA ECONOMICS · Report · 09 Jun 2025

In mid-May, Rosstat published its preliminary estimate of 1Q25 GDP growth of 1.4% y-o-y. In the aftermath of last year’s 4.3%, growth the 1Q25 number was not only unimpressive but also largely unexpected as public spending once again massively increased at the very end of December 2024, implying ...

Haddad announced a series of measures to offset the IOF increase, the STF will hear from defendants in the coup d’état case, and the STF will resume deliberations on the civil liability of internet platforms on Wednesday

BRAZIL POLITICS · Report · 09 Jun 2025

After a meeting with the Presidents of the Lower House, Hugo Motta, and the Senate, Davi Alcolumbre, Finance Minister Fernando Haddad (PT) announced a series of measures to offset the increase in the IOF tax. The package was announced late Sunday night, June 8. This week, the Supreme Federal Cour...

Fitch affirmed their BBB/Stable sovereign debt rating on Friday

HUNGARY · In Brief · 08 Jun 2025

Just one week after the latest review by a Top-3 rating agency, Fitch Ratings affirmed their BBB/Stable mark on Hungary on June 6. The report was quite negative in the sense that it identified three key areas where the agency saw deterioration since their previous review: growth outlook, short-te...

Economic growth looks better in April, albeit marginally, prompting more action from the CBR

RUSSIA ECONOMICS · In Brief · 06 Jun 2025

Rosstat reported that the output of the five basic sectors (flash estimate of economic activity in industry, agriculture, construction, transportation, and trade) grew y-o-y by 2.0% in April and 1.6% in 4M25. Earlier, we quoted Rosstat while mentioning some improvements in the industry last month...

The STF continues adjudication of important cases, Haddad will meet with party leaders over the weekend to discuss the IOF tax, and the STF will hear from defendants in the case regarding the attempted coup

BRAZIL POLITICS · Report · 06 Jun 2025

The Supreme Federal Court (STF) continued yesterday the joint trial of two appeals concerning the civil liability of internet platforms for third-party content and the possibility of removing offensive material at the request of the affected party, without the need for a court order. Today, the j...

Webinar Replay - Latin America: Fiscal Pressures and Political Shifts

COLOMBIA · Report · 06 Jun 2025

How are the key Latin American countries of Mexico, Argentina, Chile, and Colombia navigating their economic challenges amidst political changes? How will Mexico's growth outlook fare in the face of Trump’s trade policy uncertainties and the trend of economic slowdowns during the first year of...

TOPIC OF THE WEEK: Armenia—Pashinyan picks a fight he can't win

CAUCASUS / CENTRAL ASIA · Report · 06 Jun 2025

One can't deny that PM Pashinyan has shown remarkable political agility since coming to power in 2018. He faced many adversities during that period, including two lost wars, but he survived those challenges as a genuinely smooth operator. However, the latest fight he has picked—with the Armenian...

Relatively good industry and retail sales data for April

HUNGARY · In Brief · 06 Jun 2025

At last, we see a month in which both industrial output and retail sales grew materially, in month-on-month volume terms, on seasonally and day-adjusted basis. As for industry, output was up 1.5% mom. Year on year, this still meant a decrease of 2.6%, but even that was way better than the -6% yoy...

Russia: a brief market watch

RUSSIA ECONOMICS · In Brief · 05 Jun 2025

The FX market remains strong despite some signs of unfavorable (for Russia) changes in geopolitical rhetoric. Apart from that, the FX market does not pay too much attention to the volatility of the oil market. The globally weakening dollar is another factor that keeps the ruble excessively strong...

A pre-Eid macro recap

TURKEY · Report · 05 Jun 2025

We provide a quick overview of recent macro releases as we enter the Eid al-Adha holiday, which will last from this Friday through Monday. Although we’ve already talked about much of this stuff in our weeklies and briefs, a quick recap would not hurt, we thought. A most notable aspect of first...

NBU holds prime rate at 15.5% as easing delayed pending inflation peak

UKRAINE · In Brief · 05 Jun 2025

As expected, the NBU’s April signal about possible easing moves in June did not materialize. At today’s meeting, the NBU Board kept the prime rate unchanged at 15.5%. The decision was influenced by unseasonably cold spring weather, which led to rising food prices—particularly for fruits and veget...

The STF resumes analysis of two appeals on the Internet Civil Framework, Lula’s disapproval rating rose by one percentage point, and the PSDB will hold a convention in Brasilia to discuss its union with the Podemos party

BRAZIL POLITICS · Report · 05 Jun 2025

The Supreme Federal Court (STF) today resumes the trial of two Extraordinary Appeals (RE No. 1.037.396 and RE No. 1.057.258) that challenge the constitutionality of Article 19 of the Internet Civil Framework. Article 19 is a provision that exempts platforms from civil liability for hosting third-...