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Fitch Rating Increases Turkish Economic Expectation

Posted by Nagham Akminas on 15 March 2016

At the time when Fitch Ratings international for credit ratings has reduced in its forecast expectations for global economic growth and developing countries in this year from 2.9 % to 2.5 %, the agency itself has raised the expectation for the growth of the Turkish economy in 2016 by 0.5 %, that being the Turkish economy growth expectations has increased from 3% to 3.5 % during 2016.

In this regard, the economic expert in Fitch Agency Brian Colton explained in press releases, that the Turkish economic data is solid, which were released in 2015 shows an acceleration in economic momentum in short term, pointing out that the increase of the minimum wage to 1300 Liras, in addition to petroleum prices drop in the world, mirrors a more clearer agenda on the volume of expenditure of Turkish consumers.

According to the report issued by the agency about the economic growth expectations in developed and developing countries, which was released earlier, Turkey comes in the first place, where it topped the list of the countries which their economies has seen some upward increase by the agency.

The agency has set an expectation in its report in last December that the Turkish economy growth during  2016 would be 3 %, however it changed this expectation upward, and it announced the new forecast for the Turkish economy growth during this year to be 3.5 %. As for 2017, the agency has set an expectations of the growth of the economy to reach 3.6%

The agency also has announced in their latest report the expectations for the growth of the economy of the developing and developed countries, where the developed countries according to Fitch forecast during 2016 has seen some decrease by 1.7%, while developing countries growth rate has decreased also from 4.4% to only 4%.

In addition to that, according to Fitch report, the Russian economy has seen the biggest decreases during 2016, where they lowered their expectations for the growth from 0.5% to -1.5%, whereas the growth of the Brazilian economy has also decreased from -2.5% to -3.5%, and Chinese economy decreased as well from 6.3 % to 6.2%.

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