The Turkish economy is expected to grow by 5% during 2021
2021-06-01
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Turkey is one of the few countries that managed to deal with the downturn in 2020, despite the spread of the Coronavirus epidemic, and Reuters commends the strength of the Turkish economy and expects it to grow by 5% in 2021.
It is expected that the Turkish economy will achieve growth in 2021
After an expected growth of 6.7% in the first quarter of this year, the Turkish economy is expected to grow by 5.5% at the end of this year, according to a poll conducted by Reuters, to return to growth after the epidemic closures, which made sure to avoid the main sectors.
According to the expectations of 13 economists, the Turkish economy in 2021 is expected to achieve growth ranging from 4.5% to 7% for the whole year, while the average estimate was higher than 4.5% in February’s survey for the first quarter, while the expectations of 14 economists ranged from 5% to 7. %.
Economic activity is expected to slow in the second quarter, according to the economists surveyed, due to tightening financial conditions and a full lockdown imposed in the first half of May.
On the other hand, the GDP is expected to rise on an annual basis, due to the sharp contraction last year, when the initial repercussions of the Coronavirus led to a contraction of 10.3% in the second quarter.
The Turkish economy grew at a rate of only 1.8% last year, and 0.9% in 2019, significantly down from the 5% average growth over the past two decades.
It is noteworthy that Turkey is one of the few countries in the world that avoided deflation in 2020 despite the Coronavirus epidemic, thanks in large part to the nearly doubling of lending by government banks to counter the initial wave of the virus.
It is expected that the Turkish Statistical Institute will announce information on the future of the Turkish economy, regarding GDP data for the first quarter on May 31.
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