IMF keeps its forecast for Turkey’s economy contraction in 2020 at 5%

The International Monetary Fund (IMF) has published its World Economic Outlook Update as of June 2020.  In this report, IMF has sharply increased its forecast for the contraction in the global economy to 4.9% from its earlier estimate of 3% in April., foreseeing far more severe economic fallout from the coronavirus pandemic.

IMF however has kept its contraction forecast for the Turkish economy as 5% for both 2020 and 2021.