Turkey

Goldman Sachs Revises Turkey Growth Prediction

International finance institutions continue their positive revisions for the Turkish economy. Goldman Sachs just increased its Turkey growth projection for 2021 to 6 percent from current 4.

2021 report prepared by Goldman economists now foresees 6 percent growth for the Turkish economy. The report pointed out that Turkish Central Bank’s recent firm stance and increasing commodity prices could pressure the growth after 2021. The report also stressed that the post-corona era holds a non-inflationist growth opportunities for eastern Europe, Middle East and some African countries.


Goldman Sachs also lowered benchmark interest rate prediction for Turkey to 16,50 from 17 basis point. The report said recent Lira rally would provide some room for Turkish Central Bank in 2021. Turkish Lira has rallied nearly 20 percent against dollar from its deep in November 2020. On early Monday morning, Turkish Lira exchanged at 6,95 to a dollar. Fitch on Friday updated Turkey’s economic outlook to stable from negative while keeping its status unchanged at BB- which has been expected to provide another boost for Turkish Lira.

HSBC, too, last week revised its growth projection of Turkey tao fold. The bank now predicts 4,2 percent growth for Turkey in 2021.

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