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

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.