IMF: Turkish Economy Promises to Recover from Recession in 2020

The negative growth trend of Turkey will highly continue in 2019 however the International Monetary Fund (IMF) stated that they are expecting to see a positive trend in 2020. Gita Gopinath, IMF chief economist, stated that this positive trend will be the part of whole global recovery and Turkey has a high chance to benefit from this trend.

She also stated that there are no proofs that Turkey is planning to apply to the IMF. According to the IMF World Economic Outlook report that was released on April 9, Turkey may experience 2.5 percent recession until the end of this year however same ratio growth may be observed in their economy in 2020.

The Turkish economy was expanded by 2.6 in 2018.

According to this report, newly launched Turkish New Economic Program (NEP) focuses on complex issues that take place in their economy. A detailed and reputable policy mix is what Turkey needed at the moment to secure macroeconomic stability.

To address the uncertainties, the Turkish government needs to strengthen balance sheets and ensure better transparency about financial balance sheet health.