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EU Council raises Turkey’s GDP growth forecast for 2019

European Council’s report, “Autumn 2019 Economic Forecast,” raised its growth expectation for Turkey’s GDP this year from minus 2.3% to 0.3%. The report, of which previous version was released last Spring, also expected that the Turkish economy will grow 3.1% in 2020 and 3.5% in 2021. Meanwhile, the report’s previous 2020 forecast for GDP growth was 3.9%. “The economy recovered ...

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Annualized current account widens to highest surplus ever

Having dropped dramatically since last year before recording a monthly surplus two times in a row in June and July, Turkey’s current account balance has also posted a surplus in August and led to the annualized current account surplus widening to a record in the month. The balance posted a surplus of $2.6 billion in the month, the Central Bank ...

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Turkey rises in World Bank’s business index

Turkey has jumped up 10 places to be 33rd among 190 nations in the World Bank’s Ease of Doing Business Index released on Oct. 24, the country’s vice president said. In a statement, Fuat Oktay said that Turkey has gained an important achievement in the economic field as well, along with the achievements gained both on the ground and at the table, referring to the ...

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Turkey could achieve greater stability in 2020

ANKARA- Turkey could experience greater stability in 2020, said the credit ratings agency Fitch . “Fitch expects the recovery and rebalancing of the economy to continue, with growth strengthening, inflation falling and the current account deficit contained,” the agency said in report on the outlook of emerging European countries. The report stressed that with no national elections due until 2023, 2020 provides an opportunity ...

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The chemicals sector undersigns one success after another

According to data from Istanbul Chemicals and Chemical Products Exporters’ Association (IKMIB), the chemicals sector broke a record in 11 months of 2019 with the export value of 18.8 billion U.S. Dollars it achieved. Continuing the year as the second sector with the highest export, the chemicals sector achieved one success after another. The sector also came forward with its ...

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