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 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