International credit ratings agency Moody’s in its March 25th update to its Global Macro Outlook 2020-21, as published on its website, believes that the coronavirus pandemic will cause unprecedented shock to the global economy. In its analysis, the agency stated that it expected “Turkey’s economy to be hit the hardest, with a cumulative contraction in second- and third quarter GDP of about 7.0%. The shock will likely take a large toll on Turkey’s tourism-related sectors through the summer.” The agency forecasts a contraction of 1.4% for 2020 and a growth rate of 0.8% for 2021 for the Turkish economy.