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COUNTRY INSIGHTS

Advances: Pensions & Eurobonds
UKRAINE · Report · 05 Oct 2017

Parliament finally voted in the long-awaited pension reform, in early October. The law increases effective retirement age (higher requirement of years in service before being vested in a pension), leaving the headline pension age unchanged at age 60. It also envisages immediate pension rises from...

Government launched EUR 1bn in new bonds, more expensive USD debt bought back
HUNGARY · In Brief · 04 Oct 2017

Economy minister Varga announced tonight that the Hungarian state has completed the buy-back of USD 1.2bn of dollar-denominated bonds with relatively short remaining maturity, and it has issued a new euro-denominated bond in a total amount of EUR 1bn. The minister also said that financing the gov...

Will willingness and capacity to pay suffice?
VENEZUELA · Report · 04 Oct 2017 · 1 response

We hold to our view that the Maduro government is willing to service its debt and we judge that it probably can afford to. But we observe a jump in the (small) risk that technical obstacles to debt service may lead to a default. Much as he’d like to, Nicolás Maduro won’t be able to avoid the ...

Pension reform approved
UKRAINE · In Brief · 03 Oct 2017

Ukrainian parliament voted in the bill on pension reform into the law. The reform presumes increase in years of service (before being vested in a pension) up to 25 years from 15 years previously (35 years by 2028). Nominal retirement age was left unchanged at 60 years. The law envisages immediate...

What Will Xi Jinping Do After the Party Congress?
CHINA ADVISORY · Report · 03 Oct 2017

Most analysts believe Xi Jinping is likely to increase his power following the Party Congress on October 18 by strengthening his control over the Party’s Standing Committee. This, in turn, could give him the political freedom to institute economic reforms, including the restructuring of state fir...

September tax collection remains up-beat, despite mild softening in growth
ARGENTINA · In Brief · 03 Oct 2017

In September, total tax collection reached AR$1.9bn, growing 33.1%y/y, quite in line with the accumulated yearly growth (Jan to Sep) of 31.4%y/y. Although the annual rate declined somewhat with respect to the 33.5%y/y observed in f August, it still remains significantly stronger than inflation an...

Demand Pressures All the More Evident
TURKEY · Report · 03 Oct 2017

At 0.65%, consumer price inflation came in broadly as expected in September, lifting the 12-month rate to 11.2%, up from 10.7% in August. Producer prices were broadly stable in 12-month terms, but at a highly elevated 16.3% rate (Graph 1; Table 1). Despite a (seasonal) monthly fall, 12-month f...

China’s Mortgage Crisis Rising Interest Rates Will Hurt Consumers
CHINA ADVISORY · Report · 02 Oct 2017

China’s consumers are rapidly leveraging up. This is a policy encouraged by Beijing, which views the consumer both as “underleveraged” and also not part of China’s “official” credit system. Chinese institutions are rapidly offloading credit – both good and bad – to the consumer. This is often thr...

Vice President Glass might go to jail
ECUADOR · In Brief · 02 Oct 2017

The Attorney General, Carlos Baca Mancheno, requested this morning that the National Court issue an order of "preventive prison" for Vice President Jorge Glass and his uncle Ricardo Rivera --both implied in cases of corruption, bribery and illicit association. The reason behind the prison request...

Week of October 2
BRAZIL POLITICS · Report · 02 Oct 2017

President Michel Temer and Ministers Eliseu Padilha and Moreira Franco present their respective defenses in the PGR accusations to the Lower House CCJ. Members of the PSDB discuss the merit of the accusations and the choice of rapporteur, which belongs to the party. The Lower House should conclud...

Trend shift: External sector and investment projects will set the new growth dynamic
PANAMA · Forecast · 02 Oct 2017

GDP expanded 5.4% in Q2 due to lower dynamism in wholesale and retail commerce after an impressive 6.2% growth in Q1. GDP grew 5.8% in H1, which presents a shift from the downward trend that started in 2012 (when the works of the Panama Canal expansion as well as several public investment project...

Budget Doubts Cast Pall on 2018, While the Government Acts Promptly after the Earthquake
MEXICO · Report · 02 Oct 2017 · 1 response

Economic indicators were contradictory over the past month. Business and consumer optimism continued to recover, the leading indicator rose for a sixth month in July, and private consumption continued to grow even as there was evidence of a softening in some segments. In news just this past week,...

The Engine of Recovery – Household Consumption
BRAZIL ECONOMICS · Report · 02 Oct 2017

Evidence that household consumption is the predominant force in Brazil’s economic recovery is building up to an ever more solid scenario. However, doubts exist about the intensity of this movement. The decline of the market real interest rate and improvement in the job market and credit supply ar...

El SALVADOR: We’re Pessimistic
CENTRAL AMERICA · Report · 29 Sep 2017

The economic outlook for El Salvador in the short term continues to be for low economic growth, with severe fiscal constraints. Lack of economic dynamism is driven by both political and economic factors. Uncertainty and negative expectations discourage investment. Moreover, fiscal restriction imp...

A really robust fiscal outcome in H1 2017
HUNGARY · In Brief · 29 Sep 2017

We have suspected for a while that fiscal performance must be markedly stronger than plan this year if viewed at the general government level and on accrual basis, which is the key policy indicator from the point of view of assessment by the EU and investors. But we never thought it was quite as ...

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