2/2/2021

Turkey Moves Ahead of Curve with Positive Growth in 2020

​​Turkey is among the few countries estimated to have posted positive overall growth in 2020, and is expected to record a GDP growth in the region of 6 percent in 2021, according to the International Monetary Fund (IMF) Staff Concluding Statement of the 2021 Article IV Mission. 

The statement put forward that Turkey’s initial policies and following actions – direct fiscal measures, governmental support to sustain employment, policy rate cuts, credit supports – paved the way for the country’s GDP to rally, especially in the 3rd quarter of the last year.

Formerly, in its ‘World Economic Outlook’ forecast, IMF projected Turkish economy to grow by 5 percent in 2021. This estimation was revised up though to circa 6 percent thanks to the rollout of COVID-19 vaccinations and improving trading activities with partners as well as effective monetary policies. 
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IMF; Turkey; GDP; COVID-19; monetary policy