CHINA: 4 takeaways from the first-quarter GDP
China reported a 6.8% year-on-year contraction of GDP for the first quarter on 17 April. Though the number marks the worst quarterly performance since the current data series began in 1992, the weak figure was widely expected, given the near-total shutdown of the economy from lat… Become a member to read the rest of […]
MOZAMBIQUE: IMF funding expedited, LNG delays worsening
● Financial support from the International Monetary Fund (IMF) is being expedited, albeit under emergency facilities rather than a full program. ● However, the LNG outlook is turning from bad to disastrous amid speculation that ExxonMobil could postpone bringing its Rovuma LNG p… Become a member to read the rest of this article
ARGENTINA: Facing the default cliff again
Finance Minister Martin Guzman yesterday, 16 April, unveiled the broad parameters of Argentina’s debt restructuring offer. The offer involves a three-year debt moratorium alongside a 62% reduction in interest payments; these would only resume at 0.5% in 2023 before rising in subs… Become a member to read the rest of this article
PHILIPPINES: Economic planning minister quits over policy issues
Economic planning secretary Ernesto Pernia, who heads the National Economic Development Authority (NEDA), resigned from the government today, citing undisclosed policy differences with several members of the cabinet. NEDA is one of the relatively technocratic institutions represe… Become a member to read the rest of this article
BALTIC STATES: Covid-19 under control, but governments remain cautious
●The three Baltic States have managed the Covid-19 crisis relatively well so far, but challenges in restarting their exportoriented economies lie ahead. ● Estonia and Latvia remain cautious in relaxing restrictions too early, while Lithuania started a gradual reopening of the ec… Become a member to read the rest of this article
BRAZIL: Unnecessary health minister change aggravates presidential blame
● President Jair Bolsonaro finally dismissed his popular health minister, claiming he failed to see the economic side of the Covid-19 tragedy. ● The new minister is a renowned physician and medical entrepreneur who has publicly agreed with the health ministry’s handling of the… Become a member to read the rest of this article
Macro Series – Global Letter – New Beginnings
COVID-19 will wreak many changes. Here are ten big ones. War and recovery. The pandemic is being likened by many commentators to a war. In some respects it is. But the analogy is far from perfect. The stock of capital remains in large part intact.1 So does the vast… Become a member to read […]