Analysis by Region - MENA
We have cut our 2022 GDP growth projection by 0.4ppts to 2.1% following Russia's invasion of Ukraine. There is immense uncertainty about the scale of the conflict's impact, but external factors have already added to the challenges faced by the Turkish economy this year. Soaring energy and food prices will lead to substantially higher near-term inflation, further squeezing household incomes, which will weigh on consumer spending.
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