Moody’s Revises Up Growth Forecast For

Moody’s has revised up its 2017 and 2018 growth forecasts for Turkey following a stronger-than-expected 2016 growth data, but added that Turkey’s economic rebound would unlikely last without the realization of key structural reforms.

In its latest credit outlook, which was published on April 10, the rating agency said it revised up its growth forecast following the release of the fourth-quarter GDP data to 2.6 percent from a previous 2.2 percent in 2017 and to 2.9 percent from a previous 2.7 percent in 2018.

“Consumer prices are rising much faster than producer prices, suggesting that the causes of the inflation spike are not solely tied to the depreciation of the Turkish Lira,” it added.

Turkey’s economy grew a faster-than-expected 3.5 percent in the fourth quarter of 2016, mainly due to a significant rise in consumption, official data showed on March 31, bouncing back after last July’s coup attempt and underpinning hopes of a recovery less than three weeks ahead of a referendum.

Growth in 2016 as a whole was 2.9 percent, according to data from the Turkish Statistical Institute (TÜİK), above forecasts.

Postponing the implementation of structural reforms such as for the labor market, tax and pension systems means that last year’s slowdown in growth was inevitable, even though the figures were better than they had initially expected, Moody’s warned.

The latest such delay arose from the ruling Justice and Development Party’s (AKP) post-coup focus on changing the government from a parliamentary to an executive presidency system, which the party expects will centralize decision-making, it said.

“Additional postponements would likely limit a recovery to past rates of growth,” said Moody’s.

The rating agency late on March 17 cut its outlook on Turkey’s rating to “negative” as risks to the country’s credit profile have “risen materially” in recent months.

Moody’s noted that the “tense political environment” following the failed coup attempt on July 15, 2016, has “persisted for longer than expected” and has “undermined the country’s administrative capacity and damaged private sector confidence.”

Moody’s rates Turkey at Ba1. It previously had a “stable” outlook on the sovereign.

The ratings agency also affirmed its “junk” non-investment grade of Ba1 on Turkey’s debt, saying its economic and fiscal strength served as a buffer against the risks posed by its diminished institutional state.


  • daftar bola888 Reply

    11 December 2019 at 10:23

    … [Trackback]

    […] Find More on to that Topic: […]

  • i99casino Reply

    24 December 2019 at 10:00

    … [Trackback]

    […] Find More Information here on that Topic: […]

  • ads free Reply

    17 January 2020 at 12:56

    … [Trackback]

    […] Read More on on that Topic: […]

  • 카지노사이트 Reply

    28 January 2020 at 17:39

    … [Trackback]

    […] Read More here to that Topic: […]

  • satta king Reply

    10 February 2020 at 00:13

    … [Trackback]

    […] Read More to that Topic: […]

  • 토토 Reply

    10 February 2020 at 20:27

    … [Trackback]

    […] Read More Information here to that Topic: […]

  • Reply

    25 February 2020 at 22:29

    … [Trackback]

    […] Read More here on that Topic: […]

  • 카지노사이트 Reply

    26 February 2020 at 22:55

    … [Trackback]

    […] Find More Info here on that Topic: […]

  • Institutional Repository Reply

    28 February 2020 at 12:43

    … [Trackback]

    […] Read More here on that Topic: […]

  • verthil ertva Reply

    29 February 2020 at 23:04

    It is the best time to make some plans for the long run and it’s time to be happy. I’ve learn this post and if I may I desire to suggest you few fascinating things or suggestions. Maybe you can write next articles referring to this article. I want to read more issues about it!

  • porn Reply

    02 March 2020 at 15:53

    … [Trackback]

    […] Here you can find 47308 additional Info on that Topic: […]

  • 바카라사이트 Reply

    09 March 2020 at 07:25

    … [Trackback]

    […] There you can find 13850 additional Information on that Topic: […]

  • porn siteleri Reply

    29 May 2020 at 05:37

    … [Trackback]

    […] Read More Information here on that Topic: […]

  • 안전바카라 Reply

    23 June 2020 at 04:00

    … [Trackback]

    […] Find More Information here to that Topic: […]

  • your domain name Reply

    27 June 2020 at 03:27

    Whoa! This blog looks exactly like my old one! It’s on a completely different topic but it has pretty much the same layout and design. Excellent choice of colors!

  • replica watches reddit mens black watches with fast delivery Reply

    19 July 2020 at 00:36

    … [Trackback]

    […] Here you will find 30374 more Info to that Topic: […]

  • Vital Flow Review Reply

    27 August 2020 at 13:27

    … [Trackback]

    […] Read More here to that Topic: […]

  • how do you add transitions on video star Reply

    15 September 2020 at 15:14

    … [Trackback]

    […] Find More Info here on that Topic: […]

  • replica forums Reply

    18 September 2020 at 06:50

    … [Trackback]

    […] Find More to that Topic: […]

  • orangeville real estate agents Reply

    16 October 2020 at 17:13

    … [Trackback]

    […] Find More on that Topic: […]

Leave a Comment