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2020

  • 23 Dec 2020  

    ​BOFIT Weekly Review 52/2020

    • Maintaining stability will be China’s top economic policy goal in 2021

    • The Chinese economy continued to grow in November; inconsistencies continue to plague fixed investment numbers

    • Poverty and income disparity remain big challenges for China

  • 18 Dec 2020  

    ​BOFIT Weekly Review 51/2020

    • Russian GDP contracted in the third quarter in annual terms, but growth varied considerably across branches

    • Russia imposes price controls in response to rising prices on certain food items

    • Number of banks operating in Russia still declining, but not as fast as earlier

    • Russia seeks to renegotiate tax treaties

  • 11 Dec 2020  

    ​BOFIT Weekly Review 50/2020

    • Pork prices swing Chinese consumer price inflation into negative territory

    • China keeps monetary policy largely unchanged as economy bounces back from covid shock

    • China’s overall exports boosted by global demand for technology products

    • United States imposes new financial market sanctions on Chinese firms

  • 4 Dec 2020  

    ​BOFIT Weekly Review 49/2020

    • Russia’s economy weakened in October

    • Russian government support has helped move fixed investment towards recovery, outlook remains unsure

    • Response of Russian labour market to the economic crisis manifested through various channels

    • Number of confirmed covid-19 cases continues to grow; only moderate tightening of restrictions

  • 27 Nov 2020  

    ​BOFIT Weekly Review 48/2020

    • Private consumption takes a higher profile in recovery of Chinese economy

    • China shores up regional trade relations with signing of RCEP agreement

    • Yuan keeps on appreciating against both the dollar and the euro

    • Increasing number of bond defaults by Chinese state-owned enterprises

  • 20 Nov 2020  

    ​BOFIT Weekly Review 47/2020

    • Russian GDP contracted by 3.6 % in the third quarter

    • Russian goods trade has recovered in recent months

    • Reduced revenues and higher spending caused Russia’s government budget sector deficit to deepen

    • Pandemic halts growth of Russian insurance markets

  • 13 Nov 2020  

    ​BOFIT Weekly Review 46/2020

    • China’s latest five-year plan devoid of new initiatives, but still sets ambitious growth target for 2035

    • Outcome of US presidential election unlikely to resolve disputes with China

    • Chinese officials scupper Ant Group’s IPO at the last minute; other new listings on mainland bourses increasing

    • GDP grew in all regions of China in the third quarter

  • 6 Nov 2020  

    ​BOFIT Weekly Review 45/2020

    • Russia-US economic relations unlikely to improve under the new US administration

    • Large domestic interest in Russian government bonds

    • Covid-19 cases continue to rise in Russia, consumers increasingly cautious

    • Central Bank of Russia keeps its key rate unchanged

    • Russian government limits the fall of household incomes with social assistance and higher wages

  • 30 Oct 2020  

    ​BOFIT Weekly Review 44/2020

    • Recovery of Chinese economy continues to broaden

    • Covid stimulus causes China’s debt-to-GDP ratio to soar

    • Chinese imports from the EU and other regions picked up in September

    • Revised PPP weights suggest Chinese economy is smaller than previously thought

    • Taiwan’s covid success a boon for its economy and citizen health

  • 23 Oct 2020  

    ​BOFIT Weekly Review 43/2020

    • Russia’s economic recovery slowed in September

    • Even confirmed coronavirus infections soar in Russia, officials remain cautious about imposing new restrictive measures

    • Signs of recovery in Russian foreign trade, capital outflows rather large

  • 16 Oct 2020  

    ​BOFIT Weekly Review 42/2020

    • Sales of consumer goods during China’s Golden Week holiday beat 2019 numbers

    • Yuan strengthens against the dollar; yields attract portfolio investment to mainland China

    • Latest forecast revisions see China as sole driver of global growth this year

    • China continued last year to lead in installed new industrial robots

  • 9 Oct 2020  

    ​BOFIT Weekly Review 41/2020

    • Rising uncertainty drove ruble depreciation in September

    • Covid-19 subdues private consumption in Russia

    • Russia to rein in government budget spending in coming years to deal with deficit

    • Russia to impose bans on raw wood exports

  • 2 Oct 2020  

    ​BOFIT Weekly Review 40/2020

    • China has lifted most restrictive measures to contain the spread of covid-19

    • Massive public spending on rescuing China’s troubled banks

    • Latest round of US export restrictions even affects the electronics industry outside China

    • Foreign firms operating in China more cautious than earlier about their investment plans

  • 25 Sep 2020  

    ​BOFIT Weekly Review 39/2020

    • Latest BOFIT forecast sees Russian economy returning to modest growth next year

    • Recovery of Russian economy moderated in August

    • Central Bank of Russia keeps its key rate unchanged; previews monetary policy guidelines for 2021–2023

    • Covid-19 crisis has increased broad unemployment and part-time employment in Russia

  • 18 Sep 2020  

    ​BOFIT Weekly Review 38/2020

    • BOFIT expects positive Chinese GDP growth for the year, but structural issues and risks continue to swell

    • Chinese economy continued to rebound in August, even as consumer demand remained weak

    • Calls for speedier talks on investment agreement dominate this year’s virtual EU-China summit

    • EU Chamber of Commerce in China worries about slowdown of opening up

    • Coronavirus pandemic slows signings of Silk Road investment contracts

  • 11 Sep 2020  

    ​BOFIT Weekly Review 37/2020

    • Russia’s National Welfare Fund swells; CBR forex and gold reserves hit record high in August

    • Even with stabilisation of oil prices, the ruble has lost value in recent months

    • Russian government spending cushions fixed investment decline

    • Finnish-Russian trade plummeted in second quarter

  • 4 Sep 2020  

    ​BOFIT Weekly Review 36/2020

    • Profitability of Chinese industrial firms improved over the summer

    • Number of defaults of Chinese companies on dollar-denominated bonds already exceeds all of 2019

    • US firms operating in China remain committed to Chinese markets

    • Robust growth in Finnish goods imports from China

  • 28 Aug 2020  

    ​BOFIT Weekly Review 35/2020

    • Russian economy continued to recover in July

    • Russian government budget revenues decline precipitously, spending soars

    • Subsidy programmes and rate cuts support bank lending in Russia

    • State support scheme boosts demand for new housing loans in Russia

  • 21 Aug 2020  

    ​BOFIT Weekly Review 34/2020

    • China’s economic recovery stabilising

    • Recovery in Chinese goods exports faster than expected

    • US adopts even harsher policy stance towards China

    • China posts huge second-quarter current account surplus, capital outflows increased

    • PBoC’s digital currency project moves ahead

  • 14 Aug 2020  

    ​BOFIT Weekly Review 33/2020

    • Sharp second-quarter contraction in Russian GDP

    • Signs of growth in Russian goods trade

    • Russia prepares to introduce new measures favouring domestic producers

    • Declines in industrial output vary across Russian regions; retail sales making comeback from depths

  • 7 Aug 2020  

    ​BOFIT Weekly Review 32/2020

    • China’s housing market revives, but differences across regions remain large

    • China’s FDI outflows and FDI inflows decline slightly

    • China prepares to launch the world’s largest emissions trading scheme

    • Hong Kong’s dual crises: one economic, the other political

  • 31 Jul 2020  

    ​BOFIT Weekly Review 31/2020

    • Russian central bank again lowers its key rate

    • Russian economic decline started to slow in June

    • Russian manufacturing on the road to recovery, while extractive industries remain in a deep slump

    • Russian firms suffering major profitability drops this year

  • 24 Jul 2020  

    ​BOFIT Weekly Review 30/2020

    • Manufacturing and fixed investment sustained China’s economic growth in the second quarter

    • Growth of indebtedness has picked up in China, debt-to-GDP ratio soars in the first half

    • China’s foreign trade numbers rebounded to June 2019 levels last month

    • China’s central and local governments issue special purpose bonds to support economy

  • 17 Jul 2020  

    ​BOFIT Weekly Review 29/2020

    • Russian export earnings and imports decrease sharply; net capital outflow moderate

    • Russia’s federal budget revenues declined especially in May and June, but spending climbed up

    • Increase in debt restructuring and postponed repayment of corporate loans in Russia

    • Russian firms give low marks to government agencies with respect to business environment improvement

  • 10 Jul 2020  

    ​BOFIT Weekly Review 28/2020

    • After volatile spring, Chinese stock market indices soar in July

    • China has further opened its financial markets to foreign firms, still market access remains an issue

    • China spurs economic integration of Greater Bay Area

    • China-India relations on the skids

  • 3 Jul 2020  

    ​BOFIT Weekly Review 27/2020

    • Russia's constitutional reforms gained majority support in referendum as expected

    • Russian economic trends remained weak in May

    • CBR lowers key rate by 100 basis points

    • Slight downward revisions in forecasts for Russia’s economy in 2020

  • 26 Jun 2020  

    ​BOFIT Weekly Review 26/2020

    • Across-the-board lowering of global growth forecasts; IMF still sees positive GDP growth for China this year

    • China’s recovery uneven across sectors

    • Reciprocal trade and global sharing of responsibility top the agenda of the EU-China summit

    • Official unemployment rate understates China’s true unemployment

  • 18 Jun 2020  

    ​BOFIT Weekly Review 25/2020

    • Price of Urals oil and Russian ruble continue to strengthen

    • CBR now publishes the RUONIA rate

    • Rising unemployment in Russia

    • While FDI inflows to Russia grew last year, they will likely contract sharply this year

    • Ukraine gets new 18-month IMF loan

  • 12 Jun 2020  

    ​BOFIT Weekly Review 24/2020

    • China’s 2020 budget deficit set to rise

    • Central bank announces new round of SME support

    • Lower commodity prices reduce value of Chinese imports in May; exports down just slightly

    • China drops “clean coal” to attract foreign investors to green bond markets

  • 5 Jun 2020  

    ​BOFIT Weekly Review 23/2020

    • Prime minister Mishustin lays out Russia’s road to economic recovery

    • After posting awful April economic numbers, Russia bounced back a bit in May

    • Bank lending growth slows in Russia

    • Finnish-Russian trade dips in first quarter

  • 29 May 2020  

    ​BOFIT Weekly Review 22/2020

    • National People’s Congress makes exceptional decision not to declare any GDP growth target

    • US-China tensions intensify

    • New security laws darken the skies over Hong Kong

    • Industry drives China’s recovery

  • 22 May 2020  

    ​BOFIT Weekly Review 21/2020

    • Russian GDP grew by 1.6 % in the first quarter

    • Oil market price volatility calms a bit

    • Shifts in revenues and expenditures eat away Russia’s federal budget surpluses

  • 15 May 2020  

    ​BOFIT Weekly Review 20/2020

    • Inflation in China slows, central bank promises additional stimulus

    • China showed current account deficit in first quarter

    • Chinese goods exports performed surprisingly well in April, while imports from the US contracted sharply

    • China’s recovery policy includes investment in “new infrastructure”

    • Hong Kong’s economic outlook remains weak even with support measures

  • 8 May 2020  

    ​BOFIT Weekly Review 19/2020

    • After relatively robust first-quarter performance, Russia experiences collapse of industrial output and consumption in April

    • CBR lowers key rate

    • Russia’s government spending to be stretched by economic support measures

    • Rapid growth last year in military spending of Russia and China

  • 30 Apr 2020  

    ​BOFIT Weekly Review 18/2020

    • Coronavirus containment measures cause China’s economy to contract for the first time in decades

    • Real household incomes in China decline and unemployment rises

    • China continues to support NEV manufacture and sales as part of corona stimulus

    • Chinese demand unlikely to revive global oil market over the short term

  • 24 Apr 2020  

    ​BOFIT Weekly Review 17/2020

    • New OPEC+ agreement on oil production ceilings fails to calm markets

    • IMF forecast sees sharp contraction in Russian economy this year followed by sluggish recovery next year

    • First-quarter figures show contraction in Russian foreign trade and net capital outflow

    • CBR sells majority stake in Sberbank to the Russian government

  • 17 Apr 2020  

    ​BOFIT Weekly Review 16/2020

    • China’s support measures accelerated lending in March; gradual relaxation of monetary stance continues

    • Old orders boost China’s goods exports in March

    • Yuan’s exchange rate relatively steady

    • China surpasses the US in volume of international patent applications

  • 9 Apr 2020  

    ​BOFIT Weekly Review 15/2020

    • Russia tightens measures to slow spread of coronavirus

    • Ruble exchange rate fluctuations in recent weeks fairly muted compared to the huge swings in oil prices

    • Russia’s inflation tick-up may be fairly transient

    • Rosneft divests its holdings in Venezuela to avoid US sanctions

  • 3 Apr 2020  

    ​BOFIT Weekly Review 14/2020

    • Even as the Chinese economy recovers, performance is still far below pre-coronavirus levels

    • China steps up stimulus measures

    • Coronavirus crisis hits China’s banking sector

    • Mainland China stock markets perform relatively well, still capital is flowing from China

  • 27 Mar 2020  

    ​BOFIT Weekly Review 13/2020

    • BOFIT forecasts economic contraction in 2020 for Russia

    • After a selective start, Russia moves to beef up economic support

    • National Welfare Fund now exceeds 11 % of GDP after transfers of last year’s excess oil and gas tax earnings

    • Oil prices, ruble and Moscow stock exchange all down; CBR holds key rate unchanged

  • 20 Mar 2020  

    ​BOFIT Weekly Review 12/2020

    • China’s economic output collapsed in the first two months of this year

    • Over-leveraged real estate developers feel the pain from China’s housing market fall

    • Only a slight decline in Chinese goods imports in January-February

    • PBoC resorts to targeted monetary easing

    • China’s loan stock growth continued steady in February

  • 13 Mar 2020  

    ​BOFIT Weekly Review 11/2020

    • Oil price collapse drives down ruble and Russian stock markets

    • Russia’s proposed constitutional amendments allow president Putin to remain in power

    • Russian inflation remained moderate

    • Russian government sector spending increased rapidly last year; oil price drop changes outlook

    • Finnish-Russian trade performed modestly last year

  • 6 Mar 2020  

    ​BOFIT Weekly Review 10/2020

    • Early indicators suggest the coronavirus caused Chinese economic activity to collapse in February

    • Foreign companies operating in China report difficulties caused by the coronavirus epidemic

    • China posts larger-than-expected budget deficit for 2019

    • Finnish goods exports to China contracted by 1 % last year

  • 28 Feb 2020  

    ​BOFIT Weekly Review 09/2020

    • Central Bank of Russia to sell its controlling stake in Sberbank to the finance ministry

    • Sluggish trends in Russian goods trade last year

    • Russian crude oil production hits record levels

    • LNG drives growth in Russian natural gas production

  • 21 Feb 2020  

    ​BOFIT Weekly Review 08/2020

    • China’s efforts to contain the coronavirus epidemic significantly affect business operations

    • People’s Bank of China has relaxed monetary policy only moderately to deal with the coronavirus epidemic

    • China’s 4Q19 current account surplus shows modest shrinkage

    • Increasing number of Chinese provinces failed to hit their growth targets last year

  • 14 Feb 2020  

    ​BOFIT Weekly Review 07/2020

    • Effects of the coronavirus on the Russian economy remain limited for now

    • Monetary policy easing continues in Russia

    • Rosstat reports Russian GDP up 1.3 % in 2019; revises figures for previous years

    • Slightly lower growth in Russian bank lending

  • 7 Feb 2020  

    ​BOFIT Weekly Review 06/2020

    • Coronavirus epidemic having wide-ranging impacts on Chinese economy

    • Hard times continue for the Hong Kong economy

    • China’s oil imports set record, but uncertainty over near-term oil demand depresses oil market

    • Chinese debt continued to climb last year

  • 31 Jan 2020  

    ​BOFIT Weekly Review 05/2020

    • New Russian government to focus on social issues and national projects

    • Tepid performance for Russian foreign trade in 2019; capital flows closer to balance

    • Russia and Ukraine reach agreement on transit fees for natural gas

  • 24 Jan 2020  

    ​BOFIT Weekly Review 04/2020

    • As expected, China hit its economic growth target last year, but slowdown continues

    • Thorny issues overlooked in “Phase 1” US-China trade agreement

    • EU, US and Japan propose stricter WTO rules on industrial subsidies

    • Taiwanese economy thrives despite tense political relations with mainland China

  • 17 Jan 2020  

    ​BOFIT Weekly Review 03/2020

    • Russian president holds annual state-of-the-nation address; government resigns unexpectedly thereafter

    • Ruble appreciation continues in the first two weeks of this year

    • Russian oil fund’s assets doubled last year

    • Oil revenues also boost Russia’s foreign currency and gold reserves

    • Rosstat predicts a decline in Russia’s population over the next two decades

  • 10 Jan 2020  

    ​BOFIT Weekly Review 02/2020

    • China’s central bank eases monetary policy and phases out old benchmark rates

    • Yuan depreciated slightly in 2019

    • New foreign investment law enters into force in China

    • 85 % of China’s energy needs still met with fossil fuels

  • 3 Jan 2020  

    ​BOFIT Weekly Review 01/2020

    • Russia posts sluggish 2019 growth performance

    • Critical reports from Accounts Chamber on economic forecast that forms basis for Russia’s government budget projections generate questions about budget expenditures

    • Sanctions continue to overshadow Russia’s relations with the West

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