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 49% to TL 17,002 (USD 577) as of 01.01.2024       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 marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023