NEWS ECONOMY NEWS        13/10/2020

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

The International Monetary Fund (IMF) has published its World Economic Outlook Update “A Long and Difficult Ascent” as of October2020.  In this report, IMF has decreased its forecast for the contraction in the global economy to 4.4%.


IMF however has kept its contraction forecast for the Turkish economy as -5% for 2020 and a growth of 5% for 2021. According to Turkey’s New Economic Program, growth is forecast at 0.3% for 2020.


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