While more diversified than Venezuela’s oil-dependent economy, Turkey is currently on a very similar path of policy missteps that are likely to lead to its ruin, the US$85 billion emerging-market asset manager said.
"The problem is that U-turning back to good policies has very big upfront political costs,” said Dehn, who caught the bottom of the market on the Russian ruble in December 2014 and turned bullish on emerging markets in October 2015, months before a two-year rally began. The real problems meanwhile are ignored and get worse. They include bad monetary policies, increasing interventionism, failure to develop local financing markets, too low savings rates and bad foreign policies.
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