February’s current account data show that the rebalancing of the Turkish economy is progressing more smoothly than we had feared. At its current rate of progress, it will still take another 18 months or so to bring the current account deficit onto a sustainable footing. This leaves a considerable period in which Turkey is vulnerable to a fresh deterioration in global risk appetite.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.