NEWS ECONOMY NEWS        26/05/2020

Fitch revises Turkey’s 2020 growth contraction to 3%

International credit ratings agency Fitch Ratings has published its “Global Economic Outlook. Datasheet: Crisis Update May 2020 – Coronavirus Shock Broadens” report. In this report, Fitch revised its forecast for the contraction of the Turkish economy from 2% to 3% for 2020. The agency forecast a growth of 5% for 2021.


Fitch also forecast a USD/TL exchange rate of TL 6.95 to the US dollar for 2020 yearend, an inflation rate of 9% for 2020 yearend, and a policy interest rate of 8% for 2020 yearend.


Fitch forecast for the world economy to contract by 4.6% this year, up from its previous forecast of 3.9%.

Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020