Turkey economy to bounce back 6 percent in 2021

Must Read

Turkey economy to bounce back 6 percent in 2021

May 13, 2020 (MENAFN via COMTEX) —

(MENAFN)

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”.

MENAFN1305202000450000ID1100156704

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Turkey rescues 32 asylum seekers in Aegean

BALIKESİR- Anadolu Agency Turkey rescued...

Pressure piles up on Turkey ahead of EU leaders’ meeting

ANKARA: European pressure is piling up on Turkey ahead of a meeting next week about the country’s activities in the eastern Mediterranean, with the European...

‘Iran, Turkey need to coop. against threats at joint border’

Iran's Deputy Interior Minister for Security Affairs Hossein Zolfaghari held a phone conversation with Turkish Deputy Interior Minister Mohtaram Injeh on Friday. During the phone...

More Articles Like This