EME Macro/Strategy: Turkey – better, but with high funding needs
Growth is set to remain strong on a nominal level, but signals of a slowdown are piling up. The latest business surveys released by Turkstat for April suggest the further erosion of economic confidence, which began in the last months of 2021. Depressed by burgeoning inflation, the softening in household spending extended to the second quarter, following the weak first quarter. Industrial sector growth has remained robust since recovering from the COVID-19 slump and the latest surveys confirm solid momentum. There are signals that wage growth may not be able to keep up with inflation, leading to a contraction in real salaries. We expect real GDP growth of 1-2% this year, followed by 3% next year.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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