OGResearch Macro Portal Newsletter -- July 2021


August 4, 2021

July forecast highlights:


  • The long-term implications of the recent political events (elections, plane hijacking) are serious
  • Russia will remain the key source of financing
  • Long-term growth outlook remains meager


  • The recovery of the Kazakh economy will slow in 2021H2
  • Inflation will remain high in the near term, driven by elevated demand and one-off shocks
  • We remain skeptical about the long-term outlook

Forecast schedule:

July full updates:

  • Belarus
  • Kazakhstan

Coming in August:

  • Armenia - Aug 23
  • Myanmar - Aug 23
  • Uzbekistan (interim) - Aug 13