Published On: Fri, Nov 8th, 2019

European Union forecasts 0.3 percent growth for Turkey’s economy in 2019

The European Union (EU) increased the forecast for Turkey’s economic contraction in 2019 from minus 2.3 percent to 0.3. EU also forecasted Turkey’s economy would grow by 3.5 percent in 2020.

In the report, it was noted that owing to the financial incentives implemented and increase in exports, Turkey’s economy recovered faster than expected after the currency crisis experienced last year.

The report also stated that labor markets were weak and the balance sheets of the companies needed to recover adding uncertainties had a negative impact on that consumption and investment.

Based on the same report published by the EU Commission it was mentioned that Turkey’s economy was expected to grow by 3.5 percent in 2021 with inflation of 9.3 percent

As will be recalled Turkey had an economic turbulence with TL substantially devaluating against US dollar, several months ago. However owing to the steps taken by the government the loss of lira against dollar seems to have stopped for quite some time.

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