International credit ratings agency Fitch Ratings has published its “Global Economic Outlook. Datasheet: Crisis Update May 2020 – Coronavirus Shock Broadens” report. In this report, Fitch revised its forecast for the contraction of the Turkish economy from 2% to 3% for 2020. The agency forecast a growth of 5% for 2021.
Fitch also forecast a USD/TL exchange rate of TL 6.95 to the US dollar for 2020 yearend, an inflation rate of 9% for 2020 yearend, and a policy interest rate of 8% for 2020 yearend.
Fitch forecast for the world economy to contract by 4.6% this year, up from its previous forecast of 3.9%.