You have 3 free articles left this month. Get your free Basic subscription now and gain instant access to more.

IMF affirms Turkey's 2020 GDP contraction forecast at 5%

IMF affirms Turkey's 2020 GDP contraction forecast at 5% IMF Author (bnm) License: all rights reserved.

ANKARA (Turkey), October 13 (SeeNews) - The International Monetary Fund (IMF) said on Tuesday that it expects Turkey's gross domestic product (GDP) to decrease by 5% in 2020, thus confirming its projection made in June.

The Turkish economy is projected to return to growth in 2021, bouncing back to a 5% rise in GDP, the IMF said in its October 2020 World Economic Outlook report.

Turkey's consumer price inflation is expected to slow down to 11.9% in both 2020 and 2021, from 15.2% in 2019. 

The country's current account balance calculated as percentage of GDP is expected to swing to deficit of 3.7% in 2020, which will narrow to 0.9% of GDP in 2021, the IMF said.

Unemployment is projected to rise to 14.6% this year and then fall to 12.4% in 2021. 

Share this story
SeeNews in Brief

View our Newsletters

 
Compare