Despite recent market volatility, we are upbeat about the growth prospects in Emerging Europe and its four largest economies – Russia, Turkey, Poland and Romania. Given the right policies, the Big Four could achieve sustainable GDP growth rates of between 6% and 8% per annum, with Turkey and Romania at the upper end and Russia and Poland at the lower. But diminishing appetite for reform means that growth in the region of 4% to 6% is more likely.
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