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Policy credibility in Turkey, bleak CEE GDP data

The latest developments in Turkey – including the expected appointment of former finance minister Mehmet Simsek to the cabinet – provide encouraging signs that President Erdogan will moderate his economic policies. But there are still question marks about whether policymakers are about to embark on a fully-fledged return to orthodoxy. Elsewhere, Q1 GDP breakdowns released across Central and Eastern Europe (CEE) this week showed that household consumption continued to decline across the region. Q2 GDP data should be better, but a sustained rebound in activity is likely to take time.

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