The New Economy Program presented by Turkey’s finance minister on Thursday included more realistic economic forecasts, but it failed to build on the central bank’s interest rate hike last week and indicate a broader improvement in domestic policymaking. Meanwhile, the Russian draft 2019 budget approved this week provided mixed messages about the fiscal stance, although our best estimates suggest that this will be neutral. Perhaps more importantly, it looks like the authorities are trying to shift further towards autarky in the face of US sanctions.
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