The slump in FDI inflows to a 26-year low in Russia last year underline how bleak the country's medium-term growth prospects are. With the Nord Stream 2 gas pipeline looking in greater danger of being cancelled and the country alienating from the West, concerns about growth and investment opportunities will only mount. Meanwhile, Turkey's central bank continued to tick all the right boxes for investors as it adopted a more hawkish tone on inflation at this week's MPC meeting. We are confident that the recent policy shift will stick, which should continue to support a rally in the lira.
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