Turkey economy to bounce back 6 percent in 2021
May 13, 2020 (MENAFN via COMTEX) —
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday that the economy of Turkey is predicted to drop in 2020 like many other countries due to the coronavirus outbreak, will rebound 6 percent in 2021.
A press released by the bank said that Turkey is likely to see a contraction of 3.5% in 2020 because of the economic impact of the coronavirus pandemic”.
The bank said that decreasing the revenues of tourism and the decline in the export demand are some of the major economic problems along with the drop in oil prices, however, giving dependence on imported energy and reducing inflation could help in relieving the economy of the country.
The EBRD said that “With the non-performing loan ratio standing at a 10-year high of 5.3%, the weakness of the lira and contractions in tourism, retail and export sectors are likely to put further stress on the already strained asset quality of banks, particularly in light of the large foreign-exchange-denominated debt overhang in the corporate sector”.