NEWS ECONOMY NEWS        25/03/2020

Moody’s expects Turkey’s economy to be hit the hardest from coronavirus

International credit ratings agency Moody’s in its March 25th update to its Global Macro Outlook 2020-21, as published on its website, believes that the coronavirus pandemic will cause unprecedented shock to the global economy. In its analysis, the agency stated that it expected “Turkey’s economy to be hit the hardest, with a cumulative contraction in second- and third quarter GDP of about 7.0%. The shock will likely take a large toll on Turkey’s tourism-related sectors through the summer.” The agency forecasts a contraction of 1.4% for 2020 and a growth rate of 0.8% for 2021 for the Turkish economy.

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 to 75.45% in May 2024       Turkey’s official unemployment rate is 8.6% in March 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 164.1 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