Deutsche Bank expert says Turkey’s economy expected to gain further stability

Deutsche Bank expert says Turkey’s economy expected to gain further stability
Posted on: 1 Nov 2019

Ulrich Stephan, chief strategist of Deutsche Bank which is Germany's largest bank, has said Turkey’s government is optimistic about its economic plans for the next three years. The notes issued by the Bank's customers included Stephan’s assessment of Turkey’s economy.

Recalling that developments in Syria put pressure on the Turkish lira, Stephan said, “But the Turkish economy seems to be recovering slowly. In September, the state of the manufacturing sector has been in the best position since March 2018.

Pointing out that the Turkish government is optimistic about its economic plans for the next three years, Stephan said:

“The government targets a growth of 5 percent annually. Most importantly, the export sector must contribute to achieve a balanced current account by 2022. In addition, the government expects inflation to continue to decline, with inflation at 12 percent at the end of this year and 8.5 percent at the end of next year.

The strategist also said, “I don't think it's easy to reach ambitious goals at the same time. But I expect Turkey to gain further stability. The Istanbul stock exchange can support this, and in the last six weeks it has gained more than 11 percent in euro terms. ”

To support the observations of the strategist, the government is very focused on the issue of improving the economic performance and has just passed a new tax package to increase revenues of the government.

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