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 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 decreases to 71.60% in June 2024       Turkey’s official unemployment rate is 8.4% in May 2024       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 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023