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 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 19.89% in October 2021       Turkey’s official unemployment rate falls to 11.5% in September 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