Bi-Weekly Report 23 February - 8 March 2021

TURKEY

Against the backdrop of a second COVID-19 wave and tighter monetary policy conditions, economic activity lost some steam in Q4:20, yet remained robust (GDP, up 5.9% y-o-y)

Despite the tight monetary policy stance, the Turkish economy is set to post another robust growth rate in FY:21, mainly due to a strong carry-over effect and positive COVID-19-related base effects

SERBIA

GDP contraction was contained to just 1.1% y-o-y in Q4:20 (up 2.2% q-o-q s.a.), thanks to Government support measures and public sector activity

Despite a partial reversal in fiscal policy, GDP is set to rebound strongly in FY:21, more than recouping its COVID-19-induced losses

APPENDIX: MACROECONOMIC & FINANCIAL INDICATORS