Moody's raises Turkey's growth forecast from minus two percent to 0.2 percent

Moody's raises Turkey's growth forecast from minus two percent to 0.2 percent
Posted on: 20 Nov 2019

International credit rating agency Moody's announced that the forecast for growth acceleration in Turkish economy realized faster than expected and increased the growth forecast from minus 2 percent to 0.2 percent.

In the “Global Macro Economic Outlook 2020-2021” report issued by Moody’s, the global economic growth is expected to remain weak in 2020 and 2021. However it was also mentioned that the global economy was not expected to enter recession in the same period.

The report said that G-20 countries were expected to grow by 2.6 percent in 2019-2020, collectively.

In Moody's report, it was pointed out that the growth rate was expected to decrease in the US and Chinese economies in 2020. On the other hand the growth rate in the G-20 economies was expected to increase to 2.8 percent in 2021.

As for the Euro zone, the same report forecasted a growth of 1.2 in 2020 and 1.4 in 2021.

Moody’s also underlined in said report that developing economies were expected to grow by 4.6 percent in 2020 and 4.8 percent in 2021.

It was mentioned in the report the growth forecast of Turkish economy had been revised and it was increased from minus 2 percent to 0.2 percent for 2019 and from 2 percent to 3 percent for 2020 followed by 3 percent increase in 2021, as well.

The report also said that growth momentum in Turkey occurred faster than previously expected and a growth-friendly fiscal policy had been effective in regards.

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