RaboResearch - Economic Research

Country Report

Serbia (Country Report)

Serbia’s economy is still weak as it posts twin deficits. The balance of payments position is weak as the continuously large current account deficits require debt financing. Even so, Serbia’s external position has improved since the nadir during the global financial crisis in 2008.

Country Report

Kazakhstan (Country Report)

Kazakhstan’s economy is recovering steadily and posted 7% growth in 2010. The main problems in the banking sector have been dealt with, but the sector remains a major weakness nonetheless.

Country Report

Azerbaijan (Country Report)

Azerbaijan has been affected much less by the global financial crisis than some other CIS countries, as it entered the crisis without a large credit bubble or high private external indebtedness.

Country Report

New Zealand (Country Report)

New Zealand prior to the crisis seems to have developed a social convention where the government does the saving, leaving spending to households and firms (making New Zealand the exact opposite of Japan in this regard).

Country Report

Indonesia (Country Update)

After growing 4.5% in 2009, the economy is back to its pre-crisis growth level of around 6%. Downside risks to growth are a lower than expected global growth, a reversal of foreign capital flows, and/or a bursting asset bubble.

Country Report

Costa Rica (Country Report)

Thanks to considerable fiscal stimulus, Costa Rica has weathered the global economic crisis and the decline in US demand for its exports relatively well. As stimulus is not yet withdrawn and prospects for the US economy are improving, economic growth for the next years is expected to reach 4.3% on average

Country Report

Dominican Republic (Country report)

After having avoided dipping into recession in 2009 on the back of countercyclical fiscal and monetary stimulus made possible by an IMF stand-by agreement, the Dominican Republic’s economic recovery outpaced most of its neighbours in 2010. I

Country Report

Chile (Country Report)

Chile remains a country characterized by good macroeconomic policies and high quality institutions. The country was hit by a heavy earthquake in early 2010, but the impact of this event on country risk has been fairly limited.

Country Report

Jordan (Country report)

Jordan was confronted with some spill-over from the Tunisian democratic revolution, there is strong support among the people for the King. The King is relatively modern, but the country ranks low on the “Democracy Index”

Country Report

Fiji (Country report)

The military coup in 2006 marked a continuation of Fiji’s tumultuous political history. Coup leader Bainimarama has remained in charge since, at the cost of democracy. The coup and subsequent repression has isolated Fiji internationally

Country Report

Brunei (Country report)

The prosperous country of Brunei derives its wealth from an abundance of oil and gas resources. The economy contracted 1.8% yoy in 2009 and is estimated to have grown over 1% in 2010, on the back of higher global commodity prices

Country Report

Nigeria (Country report)

In spite of a growing non-oil economy, Nigeria’s economic development is still very much dependent on developments in the oil sector. Since oil revenues account for 89% of total exports, the economy is extremely vulnerable to oil price shocks