Fitch: Confidence in the Turkish economy is increasing

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Fitch, the international credit rating agency, announced its growth forecast for 2021 for Turkey, from 3.5% to 6.7%.

A profit growth forecast for 2021 from 3.5 to 6.7% in Turkey was announced, while a growth forecast for 2022 from 4.5 to 4.7% was announced.

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According to the “World Economic Outlook” report of the credit rating agency Fitch, it is expected that Turkey will record a growth of 6.7 percent in 2021, and a growth of 4.7 percent in 2022.

In its previous report, published in December 2020, the credit rating agency Fitch stated that the country is expected to grow by 3.5 percent in 2021 and 4.5 percent in 2022.

In the last report, Turkey recorded a growth of 1.8 percent in 2020, according to the agency, which is 0.2 percent higher than previous estimates, and it was noted that Turkey’s economic position has grown with China.

In Fitch’s report, the strong monetary and credit support helped the Turkish economy in 2020, but it stressed that the end of the year caused inflation to rise to 14 percent.

On the other hand, the report mentioned that inflation is expected to reach 11.5 percent by the end of 2021.

It also expressed the possibility of a decrease in the inflation rate in Turkey at the end of 2022 to a level of 9.2 percent.

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The credit rating agency Fitch report said global economic growth rose from 5.3 percent to 6.1 percent for 2021.

The report stated that the growth forecast for the US economy for 2021 had increased from 4.5 to 6.2 per cent, and that growth expectations in China for the same year had increased from 8 per cent to 8.4 per cent.

In the credit rating agency report, it was noted that the growth outlook for the Eurozone for 2021 was unchanged and remained stable at 4.7 percent.

The report also mentioned that growth forecasts for 2021 for emerging economies excluding China have increased from 5% to 6.0%.

Brian Coulton, chief economist at Fitch Ratings, whose ratings are included in the report, said:

“The epidemic is not over yet, but it seems that we have entered the final stage of the economic crisis.”

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