Turkish economy to recover from recession in 2020: IMF

WASHINGTON - Reuters

There will be negative growth in Turkey this year but the International Monetary Fund (IMF) are expecting a recovery in 2020 and in fact this recovery is an important part of the element that goes toward the whole global recovery, Gita Gopinath, IMF chief economist, has said.

“We have no reason to think that Turkey is even contemplating coming to the IMF so that’s where we are at this point,” she added.

In the IMF World Economic Outlook report, released on April 9, it forecasts that Turkey’s economy will contract by 2.5 percent this year before growing at the same rate next year.

The Turkish economy expanded by 2.6 percent last year.

“The [Turkish] New Economic Program provides a framework to deal with complex issues in the economy. Against this backdrop, a comprehensive and credible policy mix is needed to secure macroeconomic stability,” the IMF report said.

“Greater transparency about financial balance sheet health, and further strengthening balance sheets where needed, would be helpful in addressing lingering uncertainties,” it added.