Turkey's economy is expected to contract this year for the first time in over a decade as the coronavirus pandemic slashes output through mid-year, and it's unlikely to grow again until 2021, a Reuters poll showed on Tuesday.
ISTANBUL - Turkey’s economy is expected to contract this year for the first time in over a decade as the coronavirus pandemic slashes output through mid-year, and it’s unlikely to grow again until 2021, a Reuters poll showed on Tuesday.
Before the coronavirus outbreak, the government expected the economy to expand 5% this year after rebounding from a recession last year. Economists said robust lending in the first quarter positioned Turkey relatively well as it headed into the global downturn. A currency crisis in 2018 was set off by concerns over central bank independence and tension between Ankara and Washington. That led to three straight quarters of economic contraction and a modest annual growth rate of 0.9% last year.
Annual inflation, which has hovered around 12% the last few months, is expected to decline to 8.3% by the end of the year before rising to 8.9% by the end of 2021, the poll showed based on the median.
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