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  • 03-11-19

    Turkey's outlook improves from negative to stable by Fitch

    (MENAFN) Fitch, the credit ratings agency revised Turkey's outlook from "negative" to "stable" on Friday and affirmed it"s "BB-"rating.

    The agency also modified up its GDP forecast for 2019 by 0.8 percentage points to 0.3percent on the back of stronger second-quarter outturns.

    Fitch maintained its GDP growth forecast of 3.1percent for 2020 and 3.6percent in 2021.

    Fitch analysts said in a note "Turkey has continued to make progress in rebalancing and stabilizing its economy, leading to an easing in downside risks since our previous review in July,"

    "The current account balance has improved, FX reserves have edged up, economic growth has continued, inflation has fallen and the lira has held up despite large cuts in interest rates, buoyed by more supportive global financing conditions and the recent U.S. announcement on the removal of Syria-related sanctions."

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