April 14 (SeeNews) - Turkey's gross domestic product (GDP) is expected to decrease by 5% in 2020, only to recover in 2021 with a 5% rise, the International Monetary Fund (IMF) said on Tuesday.
Turkey's consumer price inflation is expected to slow down to 12% in both 2020 and 2021 from 15.2% in 2019, the IMF said in the April 2020 edition of its World Economic Outlook (WEO) report.
In its previous WEO report released in October 2019, the IMF predicted that Turkey's economy will grow by 3% in 2020.
The country's current account balance calculated as percentage of GDP is forecast at 0.4% in 2020 before swinging to deficit of 0.2% of GDP in 2021.
Unemployment is projected to rise to 17.2% at the end of 2020, from 13.7% in 2019, and then decrease to 15.6% in 2021.