S&P Kept Turkey's Credit Rating Unchanged

S&P kept Turkey's credit rating unchanged. On the other hand, S&P did not change Turkey's outlook.

S&P currently assesses Turkey's foreign currency credit rating as "B+", local currency credit rating as "BB-" and credit rating outlook as "stable". Stating that the monetary policy is unpredictable despite the recent developments in the country's economy, S&P said that they still see Turkey's balance of payments position as weak. In the statement made by S&P, it was stated that the Turkish economy will grow by 8.6 percent this year with the support of the strong recovery in exports and domestic activities. It was also said that they expect Turkey's public net debt to reach 34 percent of GDP by the end of 2021. In the statement, which also includes forecasts for the Turkish economy, the expectation that the economy will grow by 8.6 percent this year, 3.3 percent in 2022, and 3.1 percent in 2023 and 2024 was shared. The unemployment rate in the country is estimated to be 12.6 percent in 2021, 12.2% in 2022, 11.2 percent in 2023 and 11 percent in 2024. Inflation is predicted to be 17.3 percent this year, 12 percent in 2022, 9.5 percent in 2023 and 9.2 percent in 2024.