Bi-Weekly Report 11-24 June 2019

TURKEY

President Erdoğan’s AK party suffered a serious defeat in the Istanbul election re-run

Moody’s cut Turkey’s long-term sovereign credit rating by 1 notch to “B1” (4 notches below investment grade), while maintaining a negative outlook

External rebalancing continued for a 10th consecutive month in April, with the 12-month rolling current account deficit declining to a 9½-year low of 1.1% of GDP from 3.5% in December and a 6-year high of 7.1% in June

 

ROMANIA

GDP growth reached a 5-quarter high of 5.0% y-o-y in Q1:19

Macroeconomic imbalances are intensifying, calling for a policy response

 

SERBIA

The European Commission (EC) reiterated that the pace of Serbia’s EU accession depends on intense progress in two key areas: i) a more intense pace of reform on Rule of Law; and ii) normalization of its relations with Kosovo

GDP growth moderated to a still robust 2.5% y-o-y in Q1:19

 

ALBANIA

Political tensions heighten ahead of the June 30th local elections

The European Commission (EC) repeated its recommendation for the launch of EU membership talks with Albania

 

APPENDIX: FINANCIAL MARKETS

Bi-Weekly Report 11-24 June 2019
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