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 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       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 rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021