Fitch Affirms Turkey's Note

Fitch Affirms Turkey's Note

Fitch Ratings raised Turkey's "BB-" level credit rating and "stable" outlook confirmed. The international credit rating agency, Fitch Ratings, said in a statement that economic growth has recovered strongly, inflation fell from the 20 percent level it saw at the beginning of last year, the current account deficit has improved and external risks are still low, although they are still low. Turkey's economy compared to the previous estimate of the growth forecast for 2020 increased by 0.8 percentage points indicated in the description, the economy recorded growth of 3.9 percent is expected this year. In the statement, it was emphasized that the upward revision in the growth forecast stemmed from the gradual recovery in investments and private consumption, and low-interest rates and rapid recovery in loans increased domestic demand. The statement emphasized that Turkey's economy expected to grow 4 percent in 2021, the country's high external financing requirement continued to be a source of vulnerability defended. In the statement, it was stated that the ratio of the current account deficit to gross domestic product is expected to be 0.9 percent in 2020, and it is estimated that this rate will reach 1.8 percent in 2021. In the statement, which included the forecasts related to inflation, it is stated that the inflation rate is expected to be 10.5 percent at the end of 2020 and 10 percent in 2021. Banks' foreign borrowing also expected to remain stable this year in the description of the place, some near-term as it continues to have an impact on Turkey's note said geopolitical risks.