Liza Ermolenko, Emerging Markets Economist at Capital Economics, adds that there is little room for any manouver regarding further monetary easing, “as lending rates are already negative in real terms means that significant rate cuts are unlikely”.
“The recent slowdown has been somewhat sharper than we had originally anticipated and, hence, we now expect growth to slow to just 2% y/y in 2013 . This is at the very bottom of consensus expectations, which still envisage a pick-up in growth next year”.
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