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Turkey Industrial Production & Retail Sales (Mar.)

Turkey’s activity data for March suggest that the economy held up better than expected in Q1 as a weak lira appears to have supported industry, while policies to preserve households’ purchasing power have limited the downturn in retail sales. But spillovers from the war in Ukraine mean that, for now, we are sticking with our below-consensus forecast for GDP growth of 0.3% this year. EM Drop-In (17th May): Do current EM debt strains point to a repeat of the kinds of crises seen in the 1980s and 1990s? Join our special briefing on EM sovereign debt risk on Tuesday. Register now.  

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