12/6/2021

Moody’s Revises up Turkey’s GDP Forecast

​​The global rating agency Moody's revised up Turkey's 2021 GDP growth forecast from 9.2 percent to 11 percent.

The agency noted, “Turkey's private sector remains relatively resilient to currency depreciation and shows overall improving conditions, while Turkish banks and large corporations, the main FX borrowers, are well hedged."

“Irrespective of the current pressure on the currency, Turkey's fundamental external vulnerability risk has declined because of a lower current account deficit supporting a gradual rebuilding of foreign-currency reserves on a gross and net basis," added the agency.

Moody's expects Turkey's public finance to remain relatively robust with public debt to GDP ratio staying at around 40 percent in 2022.
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