The international credit rating agency Fitch Ratings has maintained Turkey’s credit rating at ‘B’ and the rating outlook at ‘negative’.
Fitch said that the Turkish economy was expected to grow by 5.6 percent this year and 2.9 percent in 2023, while the average annual inflation forecast would be 72.5 percent for this year and 59 percent for 2023. In its September forecast, Fitch had predicted that Turkey would grow by 5.2 percent this year and 3 percent in 2023.
According to Fitch’s statement, tourism revenues exceeded expectations and continued export growth helped limit the energy-related increase in imports, noting that the current account deficit was expected to amount to 6.1 percent of Gross Domestic Product (GDP) in 2022 and 4.3 percent in 2023.
