Turkey receives recession warning from International credit rating agency Fitch

International credit rating agency FITCH which pulled down its 2019 growth expectations for Turkey noted that the exchange rate crisis, high inflation and the problems experienced in external financing had created an economic shock that could cause the country to enter recession in 2019.

FITCH lowered the real growth rate forecast of Turkish economy for 2018 and 2019 to 3.6 and -1.9 percent. Previous estimates were 4.1 and 3 percent, respectively.

The agency Fitch pointed out that the economy had slowed down faster than anticipated due to reasons such as narrowing of credit supply and risk of trust.

Emphasizing that downside risks were to be expected for 2019, the agency revised its growth forecast as 1.9 percent contraction.

Souurce: Media