NEWS ECONOMY NEWS        24/06/2020

IMF keeps its forecast for Turkey’s economy contraction in 2020 at 5%

The International Monetary Fund (IMF) has published its World Economic Outlook Update as of June 2020.  In this report, IMF has sharply increased its forecast for the contraction in the global economy to 4.9% from its earlier estimate of 3% in April., foreseeing far more severe economic fallout from the coronavirus pandemic.


IMF however has kept its contraction forecast for the Turkish economy as 5% for both 2020 and 2021.

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