International credit rating agency Fitch Ratings upgraded its forecast of Turkey’s GDP growth for 2021 in its latest report.
“Turkey is expected to record a 6.7 percent growth in 2021 and 4.7 percent in 2022,” the agency’s Global Economic Outlook Report projected. “Turkey exceeded expectations and posted a 1.8 percent growth in 2020, beating our 0.2 percent growth estimate”, said Fitch.
With the 2020 economic performance, Turkey clinched a place among a few economies that charted positive growth in 2020, second only to China. Fitch said the resilience of the Turkish economy stemmed from robust monetary support and rising credits.
Meanwhile, the inflation is estimated to drop to 11.5 percent in 2021, and 9.2 at the end of 2022, according to the latest Global Economic Outlook Report.
A former report published by Fitch Ratings had estimated a 3.5 percent growth for 2021 and 4.5 in 2022.