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Moody’s forecasts 2 percent contraction in Turkey’s economy in 2019

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Moody’s forecasts 2 percent contraction in Turkey’s economy in 2019

Credit ratings agency Moody’s says Turkey’s economy is expected to incur a contraction of 2 percent in 2019. The agency has shared that the economic activity in the country will possibly experience a serious slowdown.

Moody’s which has emphasized that the outlook for some parts of Africa and Turkey are “negative” while it is complex for the Middle East, has noted that Turkey has to meet the escalating institutional challenges and policy uncertainties.

Moody’s predicts a growth of 1.5 percent for Turkey in 2018 and a contraction of 2 percent in 2019.

Moody’s also noted that global credit conditions will become even more challenging for emerging markets due to slowing global growth, continued financial market volatility, rising interest rates, protectionist policies in trade and escalating geopolitical tensions, in the coming year.

SOURCE: MEDIA

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