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The Growth of Turkey's
Economy in 2021

International credit rating agency Fitch Ratings was updating the forecast about the growth of Turkey's economy in 2021 and revised it to 6.7 percent from 3.5 percent.

 

The report of the credit rating agency Fitch Ratings "Global Economic Outlook" stated that it is expected that Turkey's economy will grow 6.7 percent in 2021, and 4.7 percent in 2022.

 

While Fitch Ratings revised their forecast about the growth of Turkey's economy in 2021 from 3.5 percent to 6.7 percent, they increased its growth expectation for 2022 from 4.5 percent to 4.7 percent as well. In its previous report published in December 2020, the Fitch rating institution stated that Turkey's economy is expected to grow by 3.5 percent in 2021 and 4.5 percent in 2022.

 

 

While Fitch Ratings was upgrading Turkey's inflation expectations from 10.5 percent to 11.5 percent by the end of 2021, they lowered its inflation expectation from 9.5 percent to 9.2 percent by the end of 2022.

 

Fitch Ratings predicted that the CBRT’s (Central Bank of the Republic of Turkey) policy rate will decline to 15.00 percent by the end of 2021 and 12.00 percent by the end of 2022.

Fitch estimated that the USD / TL exchange rate would be 7.25 by the end of 2021 and 7.50 by the end of 2022.

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