Moody s Baa2 / S&P BBB / Fitch BBB- 1 Economy: Agriculture 7%, Industry 27%, Services 66%
|
|
- Francis Stephens
- 5 years ago
- Views:
Transcription
1 Uruguay Summary Moody s Baa2 / S&P BBB / Fitch BBB- 1 Economy: Agriculture 7%, Industry 27%, Services 66% Uruguay is a small open economy with strong institutions and one of the highest GDP-per-capita measures in emerging markets. Prudent government policies and a favorable global macroeconomic backdrop resulted in years of strong growth, but output has moderated during the slowdowns in neighboring Argentina and Brazil. Uruguay s economy is driven by consumption, which accounts for 81% of GDP. Most of the country s exports are agricultural products, exposing Uruguay to global commodity prices. Uruguay is also susceptible to global credit conditions as nonresidents hold a relatively high share of public debt. The country faces several additional challenges, including persistent inflation and fiscal imbalances. However, as an oil importer, the drop in oil prices has benefited its economy. Characterized by strong governance and adherence to the rule of law, Uruguay s progressive policies contribute to its political and social stability. Economic Indicators F 2018F Population (Millions) GDP per Capita (USD) 16,762 16,592 15,382 15,091 16,481 16,917 Nominal GDP (USD Billions) Real GDP (%) Year-End CPI (%) Fiscal Balance (% of GDP) Interest (% of Revenues) FC Debt/Public Debt (%) Government Debt (% of GDP) Government Debt (% of Revenue) Current Account (% of GDP) FDI (% of GDP) External Debt (% of GDP) Foreign Reserves/External Debt (%) Foreign Reserves (Mo. of imports) Foreign Reserves (% of GDP) As of November Forecasted or estimated results do not represent a promise or guarantee of future results and are subject to change. Source: Lazard, Bloomberg, Central Bank of Uruguay, IMF, Ministry of Economy and Finance, National Statistics Institute 449
2 Lazard Emerging Markets Debt Rating History Below is a history of the country s foreign and local currency ratings by the major agencies dating back to We have also included a chart of the country s hard currency external debt spread and the JP Morgan EMBI Global Diversified Index spread for comparison. Rating History Hard Currency Local Currency BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C D BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC Moody s S&P Fitch Moody s S&P Fitch As of December Performance represents past performance. Past performance is not a reliable indicator of future results. Source: Bloomberg, Fitch, Moody s, Standard and Poor s Bond Spreads 1000 Local Yield Uruguay EMBIGD Uruguay GBI-EM Global Div As of December Performance represents past performance. Past performance is not a reliable indicator of future results. Source: JP Morgan 450
3 Uruguay Strengths Political Stability, Policy Continuity, and Institutional Strength Political stability and continuity of sound economic policies are Uruguay s hallmarks, with centrist economic policies pursued regardless of the political party in power. This pattern was demonstrated most recently by former president José Mujica, who continued the orthodox economic policies of his predecessor, Tabaré Vázquez. Although both presidents are members of the broad Frente Amplio political coalition, Mujica had a more leftist political orientation than the more centrist Vázquez, who left office in March 2008, with a record approval rating of 80%. Vázquez was re-elected in November 2014 to a new five-year term that began in March The Frente Amplio coalition has controlled the Uruguayan presidency since 2005, and Vázquez has continued his political coalition s policies during his second term. Uruguay has a strong institutional framework, ranking highly on a number of indicators including governance, democracy, economic freedom, and transparency. 2 Uruguay also has a relatively low level of poverty and inequality, a high level of education, and a life expectancy that is among the highest in the region. These factors are conducive to the country s favorable investment and business climate. Domestic and foreign capital are treated equally, the tax system is neutral toward foreign investment, and there are no limits on capital repatriation or the transfer of profits. Decoupling from Argentina and Brazil Uruguay is a small and open economy, surrounded by the two larger economies of Argentina and Brazil. Traditionally, strong financial and trade links among the three have left Uruguay vulnerable to downturns of these larger neighbors. Uruguay suffered an economic collapse in 2002 that was caused largely by its overreliance on Argentina. Since then, the Uruguayan authorities have taken steps to protect the country from the misfortunes of its neighbors. In 1995, one-third of Uruguay s exports were shipped to Brazil; this ratio had dropped to 14.8% by The share of exports to Argentina fell from 12.6% to 5.1% over the same period. 3 Similarly, in the financial sector, the proportion of nonresident deposits, which were traditionally dominated by Argentine holders, fell substantially from a peak of 40% in 2001 to about 14% in However, tourism from Argentina and Brazil remains strong: of the 3.0 million visitors annually, Argentines account for 58% and Brazilians another 14%. 5 Well Positioned for an External Shock with Proactive Liability Management Foreign direct investment (FDI), which averaged 4.8% of GDP between 2010 and 2014 before declining in recent years, has been a source of stable and diversified financing for Uruguay s current account deficit. Uruguay recently signed an agreement with Finnish company UPM for construction of a third pulp mill, which should result in greater FDI in the coming years. The country is further protected from external shocks by its stock of nearly US$16 billion of foreign exchange reserves, amounting to approximately 30% of GDP and 14 months of imports of goods and services. 6 Uruguay can also draw upon contingent credit lines, roughly 4.5% of GDP from the World Bank, Inter-American Development Bank, Corporación Andina de Fomento, and the Fondo Latinoamericano de Reservas. The Uruguayan government has actively and prudently managed its debt by reducing its share of foreign currency debt, extending its maturity, and increasing the proportion of fixedrate loans, thus reducing interest rate risks. Uruguay s public debt stock is projected to slowly 451
4 Lazard Emerging Markets Debt decline in the coming years; about three-fourths of this stock is central government debt with an average maturity of nearly 15 years, and more than half is denominated in local currency. Central bank debt accounts for nearly 20% of the stock of public debt, 85% of which is peso-denominated, and most is short-term debt with maturities of less than one year, issued to sterilize the accumulation of reserves. The debt of public enterprises amounts to less than 20% of all public debt. Despite these strengths, 46% of Uruguay s public debt is held by nonresidents, leaving the country vulnerable to rapid outflows in the event of deterioration in either domestic or global financial conditions. 7 Weaknesses Structural Inflation and Ineffective Monetary Framework Despite the country s sound macroeconomic management, Uruguay has the dubious distinction of consistently having the third-highest inflation rate in Latin America, after the poorly managed economies of Argentina and Venezuela, and this persistent inflation is one of the country s key vulnerabilities. Price pressures have been fueled in recent years by the government s loose fiscal policy and a sharp currency depreciation since mid Inflation in Uruguay is also a structural problem as wages are widely indexed each year to the expected inflation rate. This indexation creates a negative feedback loop via two channels: price shocks are amplified in the economy and not absorbed by any specific population, and many sectors of the economy anticipate rising labor costs and attempt to maintain their profit margin by raising prices as a precautionary measure. Salaries are increasing at a faster rate than productivity, which over the longer term will undermine Uruguay s competitiveness. Since introducing an inflation-targeting regime in 2007, the central bank has missed its target most years, thus eroding the credibility of the monetary authority and compounding the inflation problem, as expectations are not properly anchored. Efforts to reduce inflation have also been complicated by the introduction in mid-2013 of a new monetary policy framework targeting money supply growth rather than traditional inflation-targeting regimes, which are more transparent and thus more successful at influencing inflation expectations. The government has responded to these inflationary pressures with ad-hoc measures such as price agreements, temporary tax cuts, and aggressive exchange-rate intervention to stem the inflationary peso depreciation. However, a shift to a more sustainable low-inflation environment would require fiscal tightening, which is difficult to implement during a period of slow economic growth. Vulnerability to Commodity Price Fluctuations Uruguay is exposed to the volatility of global agricultural prices as well as poor weather and pest problems because agricultural commodities account for two-thirds of exports. 8 Uruguay is also vulnerable to the slowing economic conditions of its principal trading partners, which include China, Brazil, Argentina, and Venezuela. In the past, growth and commodity prices have been highly correlated because declining commodity prices presented a dual shock to Uruguay: the agriculture sector would be adversely affected by falling prices, and trade with Argentina would suffer because Argentina also a commodity exporter would experience a slowdown as well. Uruguay has been working in recent years to diversify its export base in terms of both products and markets. A pulp mill in operation since 2008 has annual exports estimated at US$700 million per year. A second mill that was Uruguay s largest investment project, valued at US$2 billion, began operations in June This facility also exported an estimated US$700 million in 2015, equal to about 1.3% of GDP. 9 Uruguay exported 2.5 million tons of pulp in 2016, making it the third-largest pulp exporter in the 452
5 Uruguay world. 10 Construction will soon commence on a third pulp mill, which will result in foreign investment equal to 7% of GDP, the largest in Uruguay s history. 11 In addition, Uruguay s legislature has approved guidelines for large-scale iron ore mining projects that are expected to boost investment as well as export and fiscal revenues in the medium term. Dollarization of the Banking System Dollar-denominated deposits account for 80% of all bank deposits, and this poses potential risks for Uruguay. 12 Foreign currency-denominated loans to borrowers in the nontradable sector, i.e., borrowers with peso-denominated revenues who might experience difficulty servicing their dollar loans in the event of a sharp currency depreciation, have increased as a share of total credit, exposing the banking sector to potential currency mismatch risks. In addition, a rapid withdrawal of dollar deposits in response to deteriorating domestic or global financial conditions could potentially result in a credit crunch for the Uruguayan banking system. Moreover, the high dollarization rate has reduced bank profitability, owing to low interest rates on dollar assets and high operating costs. Finally, high dollarization can reduce the effectiveness of monetary policy actions; this has clearly been an issue in Uruguay. Despite these risks, dollar deposits continue to exceed dollar loans by a comfortable margin. 13 Monetary and Exchange Rate Policy Inflation/Monetary Policy The Central Bank of Uruguay s (BCU) main objectives focus on obtaining price stability to contribute to economic growth and employment, regulating and supervising the payment and financial systems in order to promote the development of a sound, solvent, and efficient system. The BCU has five directors with terms that coincide with the president of the republic and are appointed by him. The bank follows an inflation-targeting regime, with the target range (currently 3% 7%) set by the Macroeconomic Coordination Committee. The means of payment, defined as the extended aggregate M1, are the variables of reference for policy implementation. The monetary policy seeks to grow this aggregate consistent with the inflation target and with money demand. The monetary policy actions are taken by the Monetary Policy Committee (COPOM) which uses open market operations (i.e., injecting liquidity by lending through repos or absorbing it by borrowing from the market) so that the primary money offer monetary base reaches levels that are consistent with M1 s indicative trajectory defined by the board. The BCU bills are the main tool. Uruguay has a dual monetary system; hence, the BCU also sets reserve requirements for USD liabilities, and regulation for foreign exchange borrowing and lending. The 12-month headline CPI printed at 6% in October. Real wage gains have bottomed out, reaching 2.5% in July, versus 0.5% in Inflation expectations for the next twelve months are at 6.7%, with an increase in the second half of the year. Inflation is expected to stay around 6% through the first quarter of 2018, but steadily accelerate towards the top of the range (i.e., 7%) by the end of Demand pressures are mixed with real wage growth trending up, while the unemployment rate at 7.5% remains in line with the post-global financial crisis average and credit growth has been subdued. The BCU eased monetary conditions throughout. The M1 growth jumped to 14% in from 3% in A focus on subdued credit growth could prompt further easing in 2018, despite higher inflation. 453
6 Lazard Emerging Markets Debt Exchange-Rate Policy Uruguay has adopted a managed float exchange-rate regime since The BCU intervenes discretionarily in order to smooth the volatility in the foreign-exchange market. The US dollar mostly serves as a store of value for Uruguayans, while the peso serves as the main medium of payment and unit of account. Dollarization is pervasive in Uruguay, with US dollar deposits around 74% in October. The country s basic balance surplus increased from 0.5% of GDP in 2016 to 1.5% in. FDI outflows were slightly up at 0.7% of GDP, in comparison to 0.3% in the previous year, while current account surplus widened to 2.1% of GDP, up from 0.9% in Improvements in the service balance surplus are mostly responsible for the change, whereas the trade balance deficit and income account outflows were steady throughout the period. Financial account inflows remained skewed towards portfolio inflows and short-term flows. FDI outflows were 0.7% of GDP, while portfolio inflows and other investments were 0.9%. Errors and omissions also accounted for a large outflow, roughly 3.3% of GDP. International reserves were at US$15.7 billion in. Following the global financial crisis, the US dollar versus the Uruguayan exchange rate reached a high at in March Over a 12-month period through November, USD-UYU has traded in a wide range. The USD-UYU real effective exchange rate (REER) is currently 7% higher than its 10-year historical average. 454
7 Uruguay Inflation 30 USD/UYU Inflation Policy Rate As of December Source: Bloomberg REER REER Median since Dec 1999 Median last 10 yrs Median last 5 yrs As of December Source: Lazard, JP Morgan 455
8 Lazard Emerging Markets Debt Country Background Size 176,215KM 2 (92nd) Capital Montevideo Population 3.4 Million Religion Catholic 47.1%, Protestant 11.1%, Nondenominational 23.2%, Agnostic 17.2%, Other 1.4% Median Age 35.0 Years Literacy Rate 98.5% Independence 25 August 1825 Political System Presidential Republic Government Leadership President Tabaré Vázquez Next Election 2019 Legislative Branch Bicameral General Assembly Economy Agriculture 6.8%, Industry 27.4%, Services 65.9% Labor Force Agriculture 13.0%, Industry 14.0%, Services 73.0% Merchandise Exports Beef, Soybeans, Cellulose, Rice, Wheat, Wood, Dairy Products, Wool Export Partners Brazil 16.4%, China 12.2%, United States 6.2%, Argentina 5.0% Currency Uruguayan Peso (UYU) As of November Source: CIA 456
9 Uruguay Country Timeline 1828 Brazil and Argentina renounce claims to territories which become the Eastern Republic of Uruguay Civil war between Blancos, or Whites - the future conservative party - and Colorados, or Reds the future liberals Campaign by Tupamaros guerrillas begins and lasts until Armed forces seize power and promise to encourage foreign investment, but usher in a period of extreme repression during which Uruguay becomes known as the torture chamber of Latin America and accumulates the largest number of political prisoners per capita in the world Army and political leaders agree on return to constitutional government and the release of political prisoners; law grants amnesty to members of the armed forces accused of human rights violations during years of dictatorship; Julio Maria Sanguinetti becomes president Emergency measures, including tax increases, are announced by President Batlle in an effort to prevent Argentina's financial crisis from spilling over the border. Government orders banks to close for almost a week to stop mass withdrawal of savings. General strike held in protest at economic crisis World Bank approves loans worth more than $250M. Voters in referendum reject plans to open up state oil monopoly to foreign investment Left-winger Tabaré Vázquez wins presidential elections, marking a dramatic political shift President Vázquez restores ties with Cuba, signs an energy deal with Venezuela, and announces a welfare package to tackle poverty Uruguay pays off its billion-dollar debt to the International Monetary Fund A new parliament of South America s leading trading block Mercosur is inaugurated in the capital Montevideo President Vázquez announces discovery of what could be large natural gas field off Uruguay s Atlantic coast The Supreme Court rules that a law shielding officials of the last military government from prosecution for human rights abuses is unconstitutional. Former military ruler Gregorio Alvarez is sentenced to 25 years in prison for murder and human rights violations. Ruling Broad Front coalition wins parliamentary election. Former leftist rebel-turned-moderate José Mujica of the governing Broad Front wins presidential election Tabaré Vázquez wins the presidency in the second round of voting. Source: BBC 457
10 Lazard Emerging Markets Debt Notes 1 As of November. 2 World Economic Outlook Database, International Monetary Fund, October 2016, external/pubs/ft/weo/2016/02/weodata/index.aspx. 3 As of Source: Economic Indicators, Debt Management Unit, Ministry of Economy and Finance, Uruguay Ministry of Finance, June 2016, 4 Tabaré Vázquez Cierra su mandato con record histórico de apoyo popular: 80%, 22 December 2009, La Red 21, accessed on 4 December 2015, 5 Uruguay is ranked 21st of 167 countries: Corruption Perceptions Index 2015, Transparency International, 52 nd of 188: Human Development Report 2014: Sustaining Human Progress, United Nations Development Programme, and 23 rd of 180: 2015 World Press Freedom Index, Reporters Without Borders, 6 Anuario Estadístico: 2015, Instituto Nacional de Estadística, 7 Uruguay: 2016 Article IV Consultation, International Monetary Fund, IMF Country Report No. 16/129, May 2016, pdf/4a6c35b3-eab1-4bf4-9fe1-e97ea36555b0. 8 Anuario Estadístico: 2015, Instituto Nacional de Estadística, 9 As of September Source: Bloomberg and Lazard estimates. 10 Uruguay: Staff Report for the 2014: Article IV Consultation, International Monetary Fund, IMF Country Report No. 15/81, March 2015, 11 Ibid. 12 Ibid. 13 Ibid. 458
11 Important Information Published on 26 February Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of 24 February and are subject to change. Forecasted or estimated results do not represent a promise or guarantee of future results and are subject to change. Specific to the political, religious and military unrest in Iraq, and as described in this paper, there exists a heightened risk of ongoing armed conflict and subsequent economic, political and social repercussions to all parties involved. Specific to the political and military unrest in Ukraine and Russia, and as described in this paper, there exists a heightened risk of ongoing armed conflict and subsequent economic, political and social repercussions to all parties involved. An investment in bonds carries risk. If interest rates rise, bond prices usually decline. The longer a bond s maturity, the greater the impact a change in interest rates can have on its price. If you do not hold a bond until maturity, you may experience a gain or loss when you sell. Bonds also carry the risk of default, which is the risk that the issuer is unable to make further income and principal payments. Other risks, including inflation risk, call risk, and prepayment risk, also apply. High yield securities (also referred to as junk bonds ) inherently have a higher degree of market risk, default risk, and credit risk. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one s home market. The values of these securities may be affected by changes in currency rates, application of a country s specific tax laws, changes in government administration, and economic and monetary policy. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in these countries. This document is provided by Lazard Asset Management LLC or its affiliates ( Lazard ) for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service or investment product. Investments in securities, derivatives and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard s local regulatory authorizations. The Lazard entities that have issued this document are listed below, along with important limitations on their authorized activities. Australia: Issued by Lazard Asset Management Pacific Co., ABN , AFS License , Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed by the Australian Securities and Investments Commission to carry on a financial services business. This document is intended for wholesale investors only. Canada: Issued by Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY and 130 King Street West, Suite 1800, Toronto, Ontario M5X 1E3, a registered portfolio manager providing services to non-individual permitted clients. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box , Dubai, United Arab Emirates. Registered in Dubai. International Financial Centre Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only. EU Member States: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D Frankfurt am Main. Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), One Harbour View Street, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities only on behalf of professional investors as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation. Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, People s Republic of China: Issued by Lazard Asset Management. Lazard Asset Management does not carry out business in the P.R.C and is not a licensed investment adviser with the China Securities Regulatory Commission or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this document does not constitute any specific investment advice on China capital markets or an offer of securities or investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Lazard Asset Management. Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #15-02 One Raffles Place Tower 1, Singapore Company Registration Number W, which provides services only to institutional investors or accredited investors as defined under the Securities and Futures Act, Chapter 289 of Singapore. United Kingdom: Issued or approved by Lazard Asset Management Ltd., 50 Stratton Street, London W1J 8LL. Registered in England Number Authorised and regulated by the Financial Conduct Authority (FCA), providing services only to persons classified as eligible counterparties or professional clients under the rules of the FCA. United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY
Oman. Summary. Economic Indicators
Oman Summary Moody s Baa2 / S&P BB / Fitch BBB Economy: Agriculture 2%, Industry 47%, Services 54% Oman is a founding member of the Gulf Cooperation Council (GCC) and an upper-middleclass country as measured
More informationLazard Australian Equity
Australian Equity 2Q18 Platform Review Performance Summary as at 3 June 218 (%; unless otherwise noted) Annualised 3 Months 1 Year 3 Years 5 Years 1 Years Since Inception (1 August 22) Select Australian
More informationSaudi Arabia. Summary
Saudi Arabia Summary Moody s A1 / S&P A- / Fitch AA- 1 Economy: Agriculture 3%, Industry 43%, Services 54% Saudi Arabia is a major global oil producer and one of the world s 20 largest economies. The country
More informationMoody s Ba2 / S&P BB / Fitch BB 1 Economy: Agriculture 4%, Industry 27%, Services 69%
Croatia Summary Moody s Ba2 / S&P BB / Fitch BB 1 Economy: Agriculture 4%, Industry 27%, Services 69% Croatia emerged from a six-year recession in 2015, although the economic recovery has been tepid due
More informationTwo Style Boxes Can Be Better than One: The Case for Small-Mid Cap Equities
Investment Focus Two Style Boxes Can Be Better than One: The Case for Small-Mid Cap Equities Within US equities, investors have long used small cap stocks to diversify their large cap holdings, but we
More informationMoody s A3 / S&P A- / Fitch A- 1 Economy: Agriculture 3%, Industry 22%, Services 75%
Latvia Summary Moody s A3 / S&P A- / Fitch A- 1 Economy: Agriculture 3%, Industry 22%, Services 75% Latvia adopted the euro and formally became part of the European Union (EU) in 2014, a remarkable achievement
More informationCzech Republic. Summary
Czech Republic Summary Moody s A1 / S&P AA- / Fitch A+ 1 Economy: Agriculture 3%, Industry 37%, Services 60% The Czech Republic has a well-developed, open, and diversified economy, healthy fiscal and external
More informationThailand. Summary. Economic Indicators
Thailand Summary Moody s Baa1 / S&P BBB+ / Fitch BBB+ 1 Economy: Agriculture 8%, Industry 36%, Services 56% Among Thailand s key strengths are the size and diversification of its economy, the second largest
More informationDominican Republic. Moody s Ba3 / S&P BB- / Fitch BB- 1 Economy: Agriculture 6%, Industry 33%, Services 61%
Dominican Republic Summary Moody s Ba3 / S&P BB- / Fitch BB- 1 Economy: Agriculture 6%, Industry 33%, Services 61% The Dominican Republic has grown at an average rate of 5.6% from 2010 to 2017, the second
More informationThe Global Landscape Focus on the U.S. and China
The Global Landscape Focus on the U.S. and China Ronald Temple, CFA Managing Director, Portfolio Manager/Analyst September 214 This presentation and all research and materials enclosed are property of
More informationMoody s B1 / S&P B / Fitch B- 1 Economy: Agriculture 12%, Industry 31%, Services 57%
Suriname Summary Moody s B1 / S&P B / Fitch B- 1 Economy: Agriculture 12%, Industry 31%, Services 57% Suriname is a commodity-dependent middle-income country undergoing a major economic adjustment, given
More informationMoody s NR / S&P NR / Fitch NR 1 Economy: Agriculture 25%, Industry 28%, Services 47%
Tanzania Summary Moody s NR / S&P NR / Fitch NR 1 Economy: Agriculture 25%, Industry 28%, Services 47% Tanzania is the one of the poorest yet fastest-growing economies in sub-saharan Africa. The service
More informationGabon. Summary. Economic Indicators
Gabon Summary Moody s B3 / S&P NR / Fitch B 1 Economy: Agriculture 4%, Industry 44%, Services 51% The oil sector and infrastructure spending drive Gabon s economic growth. When oil prices are high, Gabon
More informationCountry update URUGUAY
Summary Uruguay s economy continued to grow quickly in 2011, although growth decelerated in the course of the year. The deceleration has been welcome, as the economy was close to overheating, with especially
More informationUruguay. Highlights and Key Issues. Forecast for Uruguay
Highlights and Key Issues We expect s GDP growth to slow moderately to 4% in 212 from 5.7% last year. Growth had started to ease towards the end of 211, with GDP up only 3.5% on the year in Q4. And growth
More informationVietnam. Summary. Economic Indicators
Vietnam Summary Moody s B1 / S&P BB- / Fitch BB- 1 Economy: Agriculture 16%, Industry 33%, Services 41% Vietnam has been among the fastest-growing economies in Asia over the past decade, increasing GDP
More informationMoody s Baa2 / S&P BBB- / Fitch BBB- 1 Economy: Agriculture 2%, Industry 29%, Services 69%
South Africa Summary Moody s Baa2 / S&P BBB- / Fitch BBB- 1 Economy: Agriculture 2%, Industry 29%, Services 69% South Africa is much more advanced than most sub-saharan African countries: its economy is
More informationBelarus. Summary. Economic Indicators
Belarus Summary Moody s Caa1 / S&P B- / Fitch B- 1 Economy: Agriculture 8%, Industry 40%, Services 52% Belarus is a small, open economy that is very dependent on its main trade partner, Russia. The economy
More informationTrinidad and Tobago. Summary. Moody s Ba1 / S&P BBB+ / Fitch NR 1 Economy: Industry 48%, Services 51% Economic Indicators
Trinidad and Tobago Summary Moody s Ba1 / S&P BBB+ / Fitch NR 1 Economy: Industry 48%, Services 51% Trinidad and Tobago is the largest oil, natural gas, and petrochemical producer in the Caribbean. The
More informationMoody s Ba3 / S&P BB- / Fitch BB- 1 Economy: Agriculture 10%, Industry 41%, Services 49%
Serbia Summary Moody s Ba3 / S&P BB- / Fitch BB- 1 Economy: Agriculture 10%, Industry 41%, Services 49% Serbia s well-managed economy weathered the global financial crisis and recent European uncertainty,
More informationThe Case for Managed Volatility in Emerging Markets. Investment Focus
Investment Focus The Case for Managed Volatility in Emerging Markets While emerging markets equities have gained significant interest from global investors over the last several years, the asset class
More informationOptimizing an Allocation to Emerging Markets Debt
Lazard Perspectives Optimizing an Allocation to Emerging Markets Debt A Changing Landscape Calls for a Flexible Approach In the past, emerging markets debt has benefited from structural tailwinds such
More informationMalaysia. Summary. Economic Indicators
Malaysia Summary Moody s A3 / S&P A- / Fitch A- 1 Economy: Agriculture 9%, Industry 37%, Services 54% Malaysia is a middle-income country with an open, diversified economy. The country s economic fundamentals
More informationChina and the Expanding Global Bond Landscape
Lazard Perspectives China and the Expanding Global Bond Landscape For years, the Chinese bond market, currently the world s third-largest, was effectively closed to offshore investors. This has begun to
More informationInvesting in Uruguay
Investing in Uruguay August 2013 Content General overview Macroeconomic Outlook Uruguay at a glance General Overview. Population: 3,3 million Market size (GDP) USD 50 billion GDP per capita: 15.000 USD/year
More informationKazakhstan. Summary. Economic Indicators
Kazakhstan Summary Moody s Baa3 / S&P BBB- / Fitch BBB 1 Economy: Agriculture 5%, Industry 34%, Services 61% Kazakhstan has abundant oil, natural gas, and other energy resources, which have fueled growth
More informationMoody s B3 / S&P B- / Fitch B 1 Economy: Agriculture 6%, Industry 21%, Services 73%
Lebanon Summary Moody s B3 / S&P B- / Fitch B 1 Economy: Agriculture 6%, Industry 21%, Services 73% Lebanon s economy has proven resilient to shocks despite the combination of unstable domestic politics
More informationMarket Update FEB Saudi Arabia Could be Emerging Markets Next Rising Star. The Saudi Equity Market
Market Update FEB 218 Could be Emerging Markets Next Rising Star Walid Mourad, Senior Vice President, Portfolio Manager/Analyst has been making a push to attract foreign investors by opening up its capital
More informationBahrain. Summary. Moody s B1 / S&P BB- / Fitch BB+ 1 Economy: Industry 37%, Services 62% Economic Indicators
Bahrain Summary Moody s B1 / S&P BB- / Fitch BB+ 1 Economy: Industry 37%, Services 62% The Kingdom of Bahrain is a small island nation nestled between Saudi Arabia and Qatar, two of the richest countries
More informationStrengths + and weaknesses
Chile: economic reality holds back reforms Country Report Ester Barendregt The Bachelet government is facing popular discontent on both the left and the right as well as a deteriorated economic environment,
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More informationMoody s Ba3 / S&P B+ / Fitch NR 1 Economy: Agriculture 17%, Industry 24%, Services 59%
Senegal Summary Moody s Ba3 / S&P B+ / Fitch NR 1 Economy: Agriculture 17%, Industry 24%, Services 59% Senegal s growth lagged that of its sub-saharan Africa peers earlier this decade, but activity has
More informationMoody s Caa2 / S&P B- / Fitch B- 1 Economy: Agriculture 14%, Industry 27%, Services 60%
Ukraine Summary Moody s Caa2 / S&P B- / Fitch B- 1 Economy: Agriculture 14%, Industry 27%, Services 60% Ukraine is in a difficult economic, social, and political situation that has been exacerbated by
More informationUganda. Summary. Economic Indicators
Uganda Summary Moody s B2 / S&P B / Fitch B+ 1 Economy: Agriculture 25%, Industry 22%, Services 52% Uganda is a very poor country but is rich in natural resources, especially oil. The country has 1.7 billion
More informationCOLOMBIA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 COLOMBIA 1. General trends Real GDP climbed 3.1% in 2015, driven by strong momentum in the finance, commerce and construction sectors, which offset
More informationBond Basics July 2007
Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy
More informationViet Nam GDP growth by sector Crude oil output Million metric tons 20
Viet Nam This economy is weathering the global economic crisis relatively well due largely to swift and strong policy responses. The GDP growth forecast for 29 is revised up from that made in March and
More informationMoody s Baa2 / S&P BBB- / Fitch BBB 1 Economy: Agriculture 7%, Industry 33%, Services 60%
Colombia Summary Moody s Baa2 / S&P BBB- / Fitch BBB 1 Economy: Agriculture 7%, Industry 33%, Services 60% Economic management in Colombia has improved significantly in the past decade thanks to prudent
More informationThe Low-Volatility Equity Opportunity. Investment Focus. The Case for a Low-Volatility Equity Allocation
Investment Focus The Low-Volatility Equity Opportunity The Case for a Low-Volatility Equity Allocation Equities and low risk are rarely mentioned in the same sentence. The often regular and extreme bouts
More informationColombia. 1. General trends. The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of
Economic Survey of Latin America and the Caribbean 2008-2009 129 Colombia 1. General trends The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of recent years. Indicators
More informationSovereign Credit Outlook. Richard Francis Director, Latin America Sovereigns Corficolombiana Conference December 5, 2018
Sovereign Credit Outlook Richard Francis Director, Latin America Sovereigns Corficolombiana Conference December 5, 218 Agenda Global Perspective Regional Overview Sovereign Ratings and Recent Actions Colombia
More informationParaguay. Summary. Economic Indicators
Paraguay Summary Moody s Ba1 / S&P BB / Fitch BB- 1 Economy: Agriculture 20%, Industry 30%, Services 50% Paraguay s strong economic fundamentals are reflected in its high economic growth rates, relatively
More informationMoody s A3 / S&P BBB+ / Fitch BBB+ 1 Economy: Agriculture 7%, Industry 35%, Services 58%
Peru Summary Moody s A3 / S&P BBB+ / Fitch BBB+ 1 Economy: Agriculture 7%, Industry 35%, Services 58% Peru is among the strongest of the emerging markets economies, registering average growth of nearly
More informationThe Case for Emerging Markets Debt: Stable Fundamentals Support Potential Yield Opportunity
The Case for Emerging Markets Debt: Stable Fundamentals Support Potential Yield Opportunity SEPTEMBER 214 EMERGING MARKETS DEBT TEAM EMD investable markets are now roughly three times the size of the U.S.
More informationThe Best Offense Is Often a Good Defense: The Case for Targeted Volatility Investing. Investment Focus
Investment Focus The Best Offense Is Often a Good Defense: The Case for Targeted Volatility Investing A critical objective for investors is to generate returns consistent with their tolerance of risk.
More informationLazard Equity Advantage Team Letter from the Manager DEC A Better Kind of Beta. The Style Factors. What are the style factors?
Lazard Equity Advantage Team Letter from the Manager DEC 2015 A Better Kind of Beta An astute investor might already have concluded that smart beta is nothing new. And they would be right; the team at
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationEvaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund
Evaluation Only. Created with Aspose.Words. Copyright 2003-2011 Aspose Pty Ltd. International Monetary Fund Czech Republic 2010 Article IV Consultation Concluding Statement January 25, 2010 The macroeconomic
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.
HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its
More informationMoody s B1 / S&P B / Fitch B 1 Economy: Agriculture 37%, Industry 21%, Services 42% Economic Indicators F 2018F
Ethiopia Summary Moody s B1 / S&P B / Fitch B 1 Economy: Agriculture 37%, Industry 21%, Services 42% Ethiopia is one of the poorest countries in the world but has experienced one of the highest growth
More informationStrenghts (+) and weaknesses ( )
Country Report Singapore Country Report Maartje Wijffelaars Strong institutions and effective policymaking support (potential) GDP growth, while the state s small size and ageing pose challenges. Healthy
More informationExport Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building
Export Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building 22-24 February 21 Debt Sustainability and the Implications
More informationStrengths (+) and weaknesses ( )
Country Report Chile Country Report Alexandra Dumitru A new government took office in March 2014 and has been pushing through a bold reform agenda. In the meantime, the economy took a downturn, but economic
More informationChallenges of financial globalisation and dollarisation for monetary policy: the case of Peru
Challenges of financial globalisation and dollarisation for monetary policy: the case of Peru Julio Velarde During the last decade, the financial system of Peru has become more integrated with the global
More informationIndonesia: Changing patterns of financial intermediation and their implications for central bank policy
Indonesia: Changing patterns of financial intermediation and their implications for central bank policy Perry Warjiyo 1 Abstract As a bank-based economy, global factors affect financial intermediation
More informationMoody s B2 / S&P B / Fitch B 1 Economy: Agriculture 23%, Industry 28%, Services 49%
Cameroon Summary Moody s B2 / S&P B / Fitch B 1 Economy: Agriculture 23%, Industry 28%, Services 49% Cameroon has abundant natural resources, significant growth potential, low GDP per capita, and weak
More informationECONOMIC OUTLOOK. September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT
ECONOMIC OUTLOOK September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT CONTENTS GDP growth... 3 Potential Level of Economic Growth and GDP Gap... 3 Macroeconomic Environment in the Region...
More informationInstitutional Investor Presentation
Institutional Investor Presentation República Oriental del Uruguay Ministry of Economy and Finance October 218 1 Congress, National Assembly Strong Institutions and Social Cohesion 2 Uruguay remains a
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More informationPresentation. The Boom in Capital Flows and Financial Vulnerability in Asia
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationMoody s Ba2 / S&P BB- / Fitch BB 1 Economy: Agriculture 6%, Industry 21%, Services 73%
Costa Rica Summary Moody s Ba2 / S&P BB- / Fitch BB 1 Economy: Agriculture 6%, Industry 21%, Services 73% Costa Rica has a diverse economy which includes tourism and service industries, high value-added
More informationEconomic Survey of Latin America and the Caribbean CHILE. 1. General trends. 2. Economic policy
Economic Survey of Latin America and the Caribbean 2017 1 CHILE 1. General trends In 2016 the Chilean economy grew at a slower rate (1.6%) than in 2015 (2.3%), as the drop in investment and exports outweighed
More informationBRAZIL. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 BRAZIL 1. General trends In 2013, the Brazilian economy grew by 2.5%, an improvement over the 1% growth recorded in 2012. That low growth continued
More informationGuatemala. 1. General trends. 2. Economic policy. In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate
Economic Survey of Latin America and the Caribbean 2009-2010 161 Guatemala 1. General trends In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate the impact of the
More informationURUGUAY. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 URUGUAY 1. General trends In the economic history of Uruguay, 2014 was a landmark year, marking as it did the twelfth consecutive year of expansion
More informationMonetary and Exchange Rate Policy Responses to the Global Financial Crisis: The Case of Colombia
Monetary and Exchange Rate Policy Responses to the Global Financial Crisis: The Case of Colombia Hernando Vargas Banco de la República Colombia March, 2009 Contents I. The state of the Colombian economy
More informationTRINIDAD AND TOBAGO. 1. General trends
Economic Survey of Latin America and the Caribbean 2018 1 TRINIDAD AND TOBAGO 1. General trends The economy of Trinidad and Tobago remained in recession in 2017, with growth rate estimated at -2.3%. The
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 BELIZE 1. General trends Economic growth fell from 4.1% in 2014 to 1.2% in 2015, as slower activity later in the year pulled down the average for
More informationSOVEREIGN ISSUES PLURINATIONAL STATE OF BOLIVIA
SOVEREIGN ISSUES PLURINATIONAL STATE OF BOLIVIA Presented by Roger Edwin Rojas Ulo Vice Minister of the Treasury and Public Credit Ministry of Economy and Public Finance Brussels, 4 April 2014 Bolivia
More informationCrisis in Uruguay A snapshot of the country s international finance policies over the last decade
Crisis in Uruguay A snapshot of the country s international finance policies over the last decade Jeff Druchniak Julie Granof Matt Jacobs April 13, 2004 Public Policy 542 Executive Summary: Nearly a decade
More informationQ Taxable Municipal Market Overview
Q1 2017 Taxable Municipal Market Overview After experiencing a significant amount of volatility following Donald Trump s presidential election victory, interest rates stabilised and traded in a tight range
More informationMarket Bulletin. China: Still sneezing hard. January 20, 2016 MARKET INSIGHTS. In brief
MARKET INSIGHTS Market Bulletin January 20, 2016 China: Still sneezing hard In brief Slower 4Q15 GDP growth and soft December data add to concerns about China s economic health. On a more encouraging note,
More informationMarket Bulletin. Chinese yuan: Walking on a tight rope. 16 August 2016 MARKET INSIGHTS. In brief
MARKET INSIGHTS Market Bulletin 16 August 2016 Chinese yuan: Walking on a tight rope In brief Recent trends suggest the Chinese authorities are allowing the Chinese yuan to depreciate against a basket
More informationEconomic Survey of Latin America and the Caribbean MEXICO. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 MEXICO 1. General trends Mexico s economy recorded real growth of 2.3% in 2016 (2.6% in 2015), driven by domestic demand, especially private consumption,
More informationECONOMIC PROSPECTS FOR HONG KONG IN Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong
ECONOMIC PROSPECTS FOR HONG KONG IN 2016-17 Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong I. The Current Trends Real gross domestic product (GDP) in Hong Kong increased 1.7 percent
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains an analysis of our financial condition and results of operations for the nine months
More informationPOST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, Barry Bosworth
POST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, 2010 Barry Bosworth I. Economic Rise of Asia Emerging economies of Asia have performed extremely
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationCOSTA RICA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 COSTA RICA 1. General trends According to new official statistics, the Costa Rican economy grew by 3.7% in real terms in 2015, up from 3% in 2014,
More informationGlobalization, Transition and Economic Growth January 22, 2004
Globalization, Transition and Economic Growth January 22, 2004 Presentation by Dalia Treigiene IMF Resident Representative office in Lithuania Globalization refers to the growing integration of economies
More informationMID-TERM REVIEW OF THE 2016 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE 1 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 1 Monetary Policy Statement (MPS) examines price developments and the underlying causal factors in
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy
HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back
More informationEmerging Markets: Broader opportunities and declining systematic risk
June 2013 Emerging Markets: Broader opportunities and declining systematic risk Favorable outlook for emerging markets equity and debt Alexander Muromcew, Portfolio Manager, Emerging Markets Equity Strategy
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS Fourth Quarter 2016 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationReal GDP growth (y-on-y, % change) Unemployment rate (%)
Country risk update Greece July 10, 2012 1 Executive summary After the June 2012 elections the short-term risk of a Greek Eurozone exit has decreased However, uncertainty regarding the mid- and long-term
More informationMauritius Economy Update January 2015
January 19, 2015 Economics Mauritius Economy Update January 2015 Overview - Mauritian economy has been witnessing a persistent moderation in growth since 2010 due to weak economic activity in Euro Zone,
More information2 Macroeconomic Scenario
The macroeconomic scenario was conceived as realistic and conservative with an effort to balance out the positive and negative risks of economic development..1 The World Economy and Technical Assumptions
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationMarket Bulletin. Chinese yuan: Walking on a tight rope. August 16, In brief
Market Bulletin August 16, 2016 Chinese yuan: Walking on a tight rope In brief Recent trends suggest the Chinese authorities are allowing the Chinese yuan to depreciate against a basket of currencies in
More informationMoody s Ba2 / S&P BB+ / Fitch BB+ 1 Economy: Agriculture 6%, Industry 52%, Services 42%
Azerbaijan Summary Moody s Ba2 / S&P BB+ / Fitch BB+ 1 Economy: Agriculture 6%, Industry 52%, Services 42% Azerbaijan has abundant energy resources, low debt levels, political and social stability, and
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Fourth Meeting October 8, 2016 IMFC Statement by Zhou Xiaochuan Governor, People's Bank of China People s Republic of China On behalf of the People's
More informationEmerging Markets Weekly Economic Briefing
Emerging Markets Weekly Economic Briefing The risks of renewed capital flight from emerging markets Recent episodes of capital flight from emerging markets have highlighted the vulnerability of a number
More informationMacroeconomic and financial market developments. February 2014
Macroeconomic and financial market developments February 2014 Background material to the abridged minutes of the Monetary Council meeting 18 February 2014 Article 3 (1) of the MNB Act (Act CXXXIX of 2013
More informationEmerging Markets Q3 Recap: Sentiment Remains Strong
Emerging Markets Q3 Recap: Sentiment Remains Strong October 18, 2016 by Mark Mobius of Franklin Templeton Investments Templeton Emerging Markets Group has a wide investment universe to cover tens of thousands
More informationOur goal is to provide a clear perspective on the global financial markets, as well as a logical framework to discuss them, thereby enabling
Our goal is to provide a clear perspective on the global financial markets, as well as a logical framework to discuss them, thereby enabling investors to recognize both the opportunities and risks that
More informationEmerging Markets: Fad or New Reality?
Emerging Markets: Fad or New Reality? Agenda 1 2 Why emerging markets matter Medium- and long-term trends 1 Global Outlook Economic forecast summary GDP growth, % CPI inflation, % 21 211 212F 213F 21 211
More informationCountry report ALGERIA
Summary Growth slowed in Algeria on account of reduced energy production and weaker demand from Europe. Still, due to an expected increase in oil production and further economic diversification, we expect
More informationNew Zealand Economic Outlook. Miles Workman June 2017
New Zealand Economic Outlook Miles Workman June 17 1 Economic Outlook Overview The New Zealand economy is forecast to expand at a solid pace over the next five years With real GDP growth around 3% in 17:
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. May 8, The Finance Division, Economics Department. leumiusa.
Global Economics Monthly Review May 8, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report Key
More information