WOOD Flash – Turkey macro: trip notes - looking better, even with the recent turmoil
We visited Turkey recently, to exchange views about the economic outlook with local officials and get an updated feel for where the recovery is going. We came back feeling constructive on real GDP prospects and inflation, for both the short (next 12M) and medium terms. We remain of the view that the recovery will be mostly export-led initially. Domestic demand is likely to remain lukewarm, at least until 2021E, as income (and profit) prospects stay constrained. This, in our view, makes it very likely that Turkey will keep a current account surplus through 2020E.
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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