For the daring bargain hunter, Emerging Equity recommends TUR “as a satellite position within a global world or a global emerging markets or a more local EM strategy strategy. Investors should always check the allocation of the country within their underlying benchmark in order to play it on a tactical basis.”

However, Turkey, a net oil importer, has derived little benefit from lower oil prices as evidenced by the aforementioned slowing economic growth.

“Turkey’s tourism sector has already suffered in 2015 due to the downturn in the Russian economy, causing a fall in revenues from $30 billion in 2014 to $28 billion in 2015. Escalating political tensions with Moscow were already going to make things worse for the sector’s performance in 2016, and the recent ISIS attack will only add insult to injury,” according to the Eurasia Group note posted by Barron’s.

iShares MSCI Turkey ETF