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IMF confirms fcast for 5% contraction of Turkey's GDP in 2020

IMF confirms fcast for 5% contraction of Turkey's GDP in 2020 IMF/Creative Commons

ANKARA (Turkey), June 24 (SeeNews) - The International Monetary Fund (IMF) said on Wednesday that Turkey's gross domestic product (GDP) will decrease by 5% in 2020 and recover in 2021 with a 5% rise, thus confirming its projection made in April.

Turkey's overall fiscal deficit, calculated as percentage of GDP, is forecast at 8.4% in 2020 and 7.5% in 2021, the IMF said in the June edition of its World Economic Outlook (WEO) report.

The country's gross debt is projected to reach 40.4% of its GDP in 2020. In 2021, it should increase to 42.2% of GDP, the IMF noted. 

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