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Events
Databanks
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Argentina databank Jul 11 -
Brazil Economics databank Jul 15
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Central America databank Jun 27
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Chile databank Jul 17
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China databank Mar 21
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Colombia databank Jul 7
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Dominican Republic databank Jun 18
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Ecuador databank Jun 20
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Gulf Countries databank Jul 11
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Hungary databank Jun 23
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India databank Jun 26
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Mexico databank Jul 1
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Panama databank Jul 17
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Peru databank Jun 27
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Philippines databank Jul 8
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Poland databank Jul 16
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Russia Economics databank Jul 11
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South Africa databank Jul 11
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Turkey databank Apr 24
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Ukraine databank May 12
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Venezuela databank Jul 7
NEWS FLASH
UPCOMING WEBINAR - CAUCASUS AND CENTRAL ASIA: POLITICAL PASSIONS IN THE...
COUNTRY INSIGHTS
Global uncertainty and local risk
BRAZIL ECONOMICS · Report · 24 Mar 2025
Uncertainty is the key term when it comes to the economic outlook. While there are still significant domestic challenges, the biggest concerns stem from the global scenario, reflecting the radical shift in U.S. policy with the beginning of Trump’s second administration. Although changes in tra...
Reality bites
ARGENTINA · Report · 24 Mar 2025
A series of unfortunate events descended upon Argentina in the last four weeks that disrupted the fragile Pax Financiera the country had enjoyed since August of last year. Trumpian economics or, more accurately, the global uncertainties created by it, was the first mishap. Here, the concern is ho...
Kazakhstan macro: Budget revenues grow YoY but not enough, prompting tax reform
KAZAKHSTAN · Report · 24 Mar 2025
We recently mentioned that the republican budget accumulated about 15.1% of annually planned tax revenues in 2M25, which looks like an improvement compared with January, when the authorities collected only 5.1% of the annual plan. However, things still don’t look very reassuring as some taxes are...
Review of the economy: sustained difficulties with growth
INDIA · Report · 24 Mar 2025
We assemble an array of methods to obtain insights into the state of the economy. These suggest sustained difficulties with growth in the post-pandemic period. Revenue growth for large firms is near zero in real terms. Goods export growth is near zero when expressed in nominal USD. Services ex...
Monetary Council tomorrow: no rate change expected
HUNGARY · In Brief · 24 Mar 2025
This will be the first regular monthly rate-setting meeting chaired by Mr. Varga. In addition, it will be the one to discuss the Q1 inflation report. So, a really important event to watch anyway. Importantly, analysts are unanimously predicting no rate change from 6.5%, according to Portfolio.hu'...
2025 Federal Budget approved, Lula visits Japan and Vietnam to boost strategic trade deals, and the STF to review coup attempt charges
BRAZIL POLITICS · Report · 24 Mar 2025
The Federal Budget for 2025 was finally approved. The final version of the text is being prepared so it can be sent for presidential approval. According to the Constitution, the president has 15 working days to sanction the budget after receiving the text. President Lula is currently on an offici...
Israel faces institutional confrontation as government moves against Attorney General and Shin Bet Chief
ISRAEL · In Brief · 23 Mar 2025
The Israeli government unanimously passed a resolution expressing no confidence in Attorney General Gali Baharav-Miara—a move widely seen as paving the way for her dismissal. In response, Baharav-Miara sent a letter to the cabinet ministers, accusing them of seeking political loyalty rather than ...
The day the earth stood still
TURKEY · Report · 23 Mar 2025
On Sunday, CHP mayor Imamoglu and 92 “accomplices” were found guilty of fraud and/or supporting terror organizations, with Imamoglu being sent to Silivri Correctional Facility. While it is not certain, the politics author (PA) takes a bet that the mayor will be soon replaced by a government-appoi...
Pressure points on China from the Trump Administration
CHINA ADVISORY · Report · 21 Mar 2025
Trump 1.0 and Trump 2.0 have or may impose a variety of tariffs. We have some sense of the macroeconomic impact on China. But what about the domestic political pressure points? We know that China has deliberately targeted its tariffs heavily on red states to weaken Trump’s base. Is there likely t...
GULF WEEKLY: Saudi Arabia upgraded, new OPEC+ “compensation” cuts, Qatar mediates Congo-Rwanda, Israel restarts Gaza war
GULF COUNTRIES · Report · 21 Mar 2025
A skimmable summary overlaid with our analysis and links. Headlines: * OPEC+ pledged 128m barrels in compensatory cuts, offsetting two months of tapering. * Oman's pledges were the largest in the GCC, in relative terms, and its 2025 output will be flat. * S&P upgraded Saudi Arabia to A+ due ...
Revenue collection improves in 2M25, but more improvement is required
KAZAKHSTAN · In Brief · 21 Mar 2025
The Ministry of Finance published February budget statistics, and the numbers looked comparatively better than in 2M24. However, more action is required to avoid unnecessary FX interventions associated with various schemes to raise additional revenues. As in 2M25, the USD/KZT was close to 515, wh...
The election campaign has started: major social policy measures announced
HUNGARY · Report · 21 Mar 2025
European gas prices have corrected substantially in recent weeks, more on the warming weather than on peace prospects. We still see no realistic prospect for the restart of the transit of Russian gas through Ukraine. Hungary finished the winter period with higher-than-usual gas reserves, and it c...
Congress approves 2025 budget, Lula travels to Japan and Vietnam to boost trade and strategic partnerships, and STF is set to rule on Bolsonaro coup charges
BRAZIL POLITICS · Report · 21 Mar 2025
The National Congress has finally approved the 2025 Annual Budget Law (LOA). The text is the substitute bill bySenator Ângelo Coronel (PSD-BA), the rapporteur of the matter. The budget allocates approximately R$ 50 billion in congressional amendments. This Saturday, President Lula will travel to ...
TOPIC OF THE WEEK: FDI in Georgia underwhelms in 2024
CAUCASUS / CENTRAL ASIA · Report · 21 Mar 2025
Last week the Georgian statistical office reported the much awaited full-year (2024) data on FDI. Similar to the tourist numbers I discussed earlier, foreign direct investment has been the subject of intense discussions and speculation over the course of last year as the government and the opposi...
An expected pause in interest rate cuts by the SA Reserve Bank
SOUTH AFRICA · Report · 21 Mar 2025
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) announced that it is leaving the benchmark interest rate unchanged following three consecutive cuts. We had largely expected this decision as we noted following the January decision. The repurchase (repo) rate, hence, remains...