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 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       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 rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021