The international credit agency predicts that the world economy will suffer a strong recession in 2020 due to the coronavirus pandemic, with an estimated fall in GDP of 4.2% in the EU.
A report published this Thursday by the international credit agency Fitch Ratings predicts that the world economy will suffer a strong recession this year due to the crisis caused by the coronavirus pandemic, with a drop of 1.9% globally, which will be up to 4.2% in the EU. In the case of Turkey, positive GDP growth will be maintained, although less than expected.
The report estimates that the Turkish economy will grow by 0.8% in 2020, a figure considerably lower than the agency’s previous estimate, which had calculated that the Eurasian country’s GDP would grow this year 3.9%. Looking ahead to 2021, however, Fitch increases the economic growth forecast for Turkey from 4 to 4.5%.
In 2019 the Turkish economy grew by almost 1%, with a growth of 6% in the last quarter of the year. Regarding inflation forecasts, Fitch predicts that prices in Turkey will increase 8.5% in 2020, a figure much lower than the previous report where the inflation was expected to reach 10.5% this year, maintaining a forecast of 10% by 2021.
Did you like it?
When Monica finished her business degree, she had the idea to celebrate it travelling: that’s how she ended up visiting Turkey, and she liked it so much… that she decided to stay and live there! And she is still there, reporting from the city of Bursa on the latest news about the interesting Turkish economy.