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Bi-Weekly Report 21 September - 4 October 2021

06/10/2021 - Reports

Southeastern Europe and Mediterranean Emerging Market Economies; --Weekly Report

TURKEY

The Central Bank of Turkey (CBRT) unexpectedly cut its key 1-week repo rate by 100 bps to 18.0%, pushing the TRY to a new record-low

A premature and frontloaded easing in monetary policy could undermine market sentiment, putting at risk macroeconomic and financial stability against a backdrop of intensifying inflationary pressures globally

 

NORTH MACEDONIA

GDP growth surged in Q2:21 (to 13.1% y-o-y from -1.9% in Q1:21), due to a strong positive COVID-19 base effect

Despite the phasing out of state support, economic recovery should continue at a firm pace in the period ahead, driven by domestic demand

 

EGYPT

GDP growth maintained momentum in FY:20/21 (up 3.3%), underpinned by state support measures and public investment

Economic activity is set to gradually regain its pre-COVID growth momentum, reaching 4.8% in FY:21/22, with a significant rebalancing from consumption towards investment and exports

 

APPENDIX: MACROECONOMIC & FINANCIAL INDICATORS