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COUNTRY INSIGHTS

Bolsonaro’s support in the Lower House totaled 54.82% in February
BRAZIL POLITICS · Report · 28 Feb 2019

A study by Arko Advice shows that the average support for bills backed by the Jair Bolsonaro administration in the Lower House totaled 54.82% in February. Eleven nominal votes were analyzed. The study only considered votes for which the government leadership provided guidance as to whether to vot...

Are Chinese stock gains sustainable?
CHINA FINANCIAL · Report · 28 Feb 2019 · 2 responses

Special points to highlight in this issue: * The Chinese stock market may well continue to deliver outsized returns for the rest of 2019, and if I had to bet, I would bet that it will perform well, but the recent rise has been all technical and there are no fundamental reasons driving the bull...

COSTA RICA: Hesitation could hurt
CENTRAL AMERICA · Report · 27 Feb 2019

Costa Rica’s economic outlook in 2019 is expected to be similar to that of 2018, in terms of the main macroeconomic indicators. The fiscal reform package approved in December 2018 was significant enough to curve negative expectations through H2 2018, when uncertainty and lack of confidence over t...

Draft of DASKA published
RUSSIA / FSU POLITICS · In Brief · 27 Feb 2019

The US Congress has published a draft bill of the Defending American Security from Kremlin Aggression Act. It was introduced by both Republicans and Democrats. The big names behind it include Lindsey Graham. The bill was drafted on 13 February but until now the text was secret. The text is as one...

Matolcsy to remain MNB governor, Pleschinger to stay on the MC for another six years
HUNGARY · In Brief · 27 Feb 2019

Parliament's Economic Committee voted to support another six-year term for György Matolcsy as governor of the MNB yesterday, after PM Orbán proposed Mr. Matolcsy's reappointment to the president of the republic. The head of the Economic Committee also said that the committee's Fidesz majority was...

Areas of financial stress
INDIA · Report · 26 Feb 2019

This note presents an update on the stress in the financial system and its implications for the economy. The stress in the economy started with a slow deterioration of the balance sheet of non-banks in 2011. About one third of the non-financial firm balance sheet is now under credit stress, in...

The Monetary Council today: no policy change, eyebrows let just slightly lower
HUNGARY · In Brief · 26 Feb 2019

It seems the Monetary Council does everything to provide the market with as little guidance as possible. There was once again no policy change announced after today's monthly rate-setting meeting, and they did care not to make any marked change in the language of the communiqué. In one little cha...

The DA unveils its 2019 manifesto - the manifesto for change, it says!
SOUTH AFRICA · Report · 26 Feb 2019

The Democratic Alliance (DA), led by Mmusi Maimane, launched its 2019 National Elections manifesto on Saturday, February 23, 2019. The DA remains South Africa’s biggest opposition party, but its “appeal” started to slowly fizzle out after it was beset by problems since the 2016 local government e...

Economics: Social policy coherence, loose ends
MEXICO · Report · 25 Feb 2019

Social policy has long been a central theme of Andrés Manuel López Obrador, and on the presidential campaign trail he largely focused on cash transfer programs and fighting corruption. Almost three months into his presidential administration his discourse has evolved somewhat, but not much has be...

Plenty of time for Pension Reform and other weekly topics
BRAZIL POLITICS · Report · 25 Feb 2019

This is the week before Carnaval, with few important votes in Congress, but Pension Reform is still on the agenda. On Tuesday, February 26, Jair Bolsonaro discusses the issue with party leaders. Lower House President Rodrigo Maia (DEM-RJ) attempts to install the Constitution Committee, the first ...

Essential CIS Politics: US Senate to discuss more anti-Russian sanctions
RUSSIA / FSU POLITICS · Report · 25 Feb 2019

​Highlights: * The Russian economy is progressing slowly, with public discontent over wages * Uzbekistan overhauls ministries and issues its first Eurobond * The US pullout from Afghanistan is unlikely to impact the region significantly

Russian Ministry of Finance proposes procurement reform
RUSSIA / FSU POLITICS · In Brief · 25 Feb 2019

The Russian Finance Minister (Anton Siluanov) has ordered his civil servants and the treasury to overhaul the public procurement procedure. Like many aspects of government it is byzantine in its complexity and slow, which Siluanov publicly acknowledges. Streamlining this will help the government ...

Exchange rate and pension reform
BRAZIL ECONOMICS · Report · 25 Feb 2019

Bets on the exchange rate are frequent, and in general extreme. In July 2018 and thereabouts, some observers were predicting the real would be as weak as R$ 4.50/US$, and now some affirm that if the pension reform proposal (with what terms?) is approved, the real will strengthen to R$ 3.00/US$. B...

Politics: Dismantling autonomy one cut at a time
MEXICO · Report · 25 Feb 2019

Since taking office, President Andrés Manuel López Obrador’s daily morning press conferences have become his bully pulpit. The week before last he narrowed his sights on several autonomous government bodies, with the most intense barrages reserved for the Energy Regulatory Commission (CRE) and it...

Pension reform and fiscal consolidation
BRAZIL ECONOMICS · Report · 25 Feb 2019

If the pension reform proposal sent to Congress by the Bolsonaro administration is approved in full, it will generate savings of a bit over R$ 1 trillion in 10 years, a larger figure than that of the original proposal from the Temer government. Any dilution of this proposal by Congress will have ...

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