Bi-Weekly Report 11 - 24 May 2021

TURKEY
A weaker TRY and higher energy prices pushed up headline inflation to a nearly 2-year high of 17.1% y-o-y in April from 14.6% at end-2020
Headline inflation is set to ease modestly, ending the year at 13.6% y-o-y, above the CBRT’s inflation target (12.2% y-o-y)  
Challenging inflation dynamics and a weak TRY prompt the CBRT to remain on hold
A premature and frontloaded easing in monetary policy could undermine market sentiment, putting at risk macroeconomic and financial stability

EGYPT
Albeit easing, due to the COVID-19 fallout, GDP growth remained positive in H1:20/21, thanks, inter alia, to Government support measures and public sector activity 
GDP growth is set to rebound strongly in FY:21/22, driven by net exports

APPENDIX: MACROECONOMIC & FINANCIAL INDICATORS



Bi-Weekly Report 11 - 24 May 2021
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