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 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