TURKEY
Snapshot
Economic activity continues to show signs of cooling, with industrial production decelerating sharply to 3.7% annual growth in December, down from 8.5% in November. On the upside, however, business confidence rose in January, which may point to an improvement in the business cycle in the coming months. Meanwhile, despite a recent improvement, the large current account deficit continues to be one of the country’s main vulnerabilities and the main threat to Turkey’s economic outlook.
Forecasts
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