Coronavirus policy response, Turkey’s tourism

The Russian government’s reluctance to cut oil production to shore up prices suggests that low oil prices won’t derail the government’s long-awaited stimulus package this year, but the impact of the coronavirus has still prompted us to revise down our GDP forecasts this year. Meanwhile, the outbreak looks set to take its toll on Turkey’s tourism sector, which is likely to contribute to a further deterioration in the current account and pressure on the lira.