Russia and Poland have been regional outperformers in recent months due the relatively light-touch containment measures in the former and the strength of export-orientated sectors in the latter. But Turkey’s recovery has come off the boil and strict lockdown measures have hit activity in Czechia hard. Hopes of a rebound in Q1 are likely to be dashed as most governments keep restrictions tight. But there’s light at the end of the tunnel as vaccines have started to be rolled out and we expect activity to rebound strongly from Q2 onwards.
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