The rise in virus infections, extension of containment measures and slow pace of vaccination mean that we are revising down our GDP forecasts in Central Europe this year. Meanwhile, the fallout from the sacking of Turkey’s central bank governor, Naci Agbal, has rocked the country’s financial markets this week – the key risks lie in the banking sector. Elsewhere, the Czech National Bank pushed back against expectations for near term interest rate hikes in the coming months, supporting our view that the tightening cycle will start later in the year.
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