UniCredit: Turkey Will Achieve a Positive Growth

UniCredit: Turkey Will Achieve a Positive Growth In a research report published by UniCredit, it is stated that at the end of the year Turkey will achieve a positive growth in its economy. Record indicating stronger growth than anticipated in the third quarter of Turkey's economy UniCredit pointed out that stretched credit conditions strengthened local demand in the third quarter. Turkey's strong performance recorded in the third quarter after UniCredit, has revised the forecasts for Turkey. Accordingly, the institution envisages Turkey's economy will contract 0.7 percent, as its forecast was revised with a growth of 0.7 percent. Due to the tightening of credit conditions and the increase in the coronavirus outbreak, UniCredit predicts that the economic activity will slow down in 2021 and that Turkey's economy will register growth of 2 percent in 2021. In addition, UniCredit points out that it should not be overlooked that the economy may shrink a little on a quarterly basis due to the tightened credit conditions in the last quarter and the rapid increase in the number of cases in the coronavirus epidemic.