Turkish economy and expectations for recovery for 2020

Updated: Aug 17


Turkish economy and expectations for recovery for 2020

Turkey has witnessed in the last few years a remarkable movement in relation to the Turkish economy between the decline in indicators and the rise, and that was due to the existing regional conditions in addition to the internal conditions of the country from elections and others in this matter.

The Turkish economy has recently returned to improvement again, this is what the International Rating Classification Agency (Fitch) indicated, where the agency stressed that the Turkish economy is recovering continuously, and this is also stated in the evaluation report issued by the agency on a regular basis about the expectations of developing European countries that Next year 2020 will witness a remarkable recovery of the Turkish economy along with more stability.

The reducing tax has contributed to investors buying real estate in Turkey, which, according to statistics, has increased significantly in the recent period, in addition to reducing the interest rate, all of this has led to an improvement in the Turkish economy.

Turkish President Recep Tayyip Erdogan indicated that lowering the interest rate plays an important role in improving the economy and lowering the level of inflation in the country, as the Turkish President announced that 2020 will be a year in which interest rates will reducing significantly and he expressed his hope to reduce inflation to less than 5 % And unemployment to below 10% between 2020 and 2022.

This came in a speech to him during the meeting of the heads of the branches of the ruling Justice and Development Party in its general headquarters in the capital, Ankara

He pointed out that Turkey is still in a good economic situation according to the standards of the European Union, despite the occurrence of some rise in the debt rate as a result of the rise in the exchange rate and interest He continued, saying, "We are working to dispel the black clouds over our country by reducing inflation to the single digits and reducing interest rates quickly , the year 2020 will be a year in which interest will decrease further, God willing. "

The Turkish president added that world exports had declined 2.6 percent over the past year, while Turkey's exports had increased by 2.9 percent.

He also called on investors, saying, "Do not hesitate and continue investing in your sectors. The doors of our banks are open to you, and the interest rates are clear. Come and invest."

Where he called on investors to use the national currency, explaining that the country has returned to dealing in the national currency, Pointing out that the country has returned to dealing in the national currency, not borrowing in foreign currencies.

A statement by the chief economist of the European Bank for Reconstruction and Development, Beata Javusik, said that Turkey has huge capabilities and it is now in the process of returning the economic balance to it.

Moody's International Rating Agency also said in its report on the global macroeconomic outlook 2020-2021 that economic growth in Turkey is taking place faster than expected, as it modified its forecasts about the growth of the Turkish economy for 2020 to raise it from 2% to 3% as it expected the growth of the Turkish economy By 3% during the year 2021.

while the European Bank for Reconstruction and Development, it expected a recovery of the Turkish economy in 2020 driven by strong performance in economic reforms, as it stated in a report that it expects the recovery of both the Turkish and Russian economy in 2020 due to the increase in consumer confidence, financial incentives and strong performance in economic reforms. It kept its growth forecast for Turkey for 2020 at 2.5 percent.

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