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FinancialNews
26-01-21
Turkey's economy to expand 6 percent in 2021
(MENAFN)It estimates Turkey's economy to increase by around 6 percent in the current year with the country’s COVID-19 vaccine rollout and recovery in trading partner enlargement, stated the International Monetary Fund (IMF).
It further stated that "Inflation is expected to fall modestly by end-2021…and the current account deficit is expected to fall to 3.5 percent of GDP, in large part reflecting lower gold imports and a modest recovery of tourism."
The IMF stated in its concluding statement of the 2021 Article IV Mission, which spots the end of an official staff visit to the member country that "Employment is expected to continue to recover slowly as the pandemic subsides."
The statement added that "The early stimulus relied primarily on rapid monetary and credit expansion, including policy rate cuts, cheap and rapid lending growth by state-owned banks, and administrative and regulatory measures designed to boost credit."
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