News now turkey economy

Here are the latest news and updates on the Turkish economy:

Current Situation:

• Turkey's economy has been experiencing a recession since 2018, with GDP growth rates declining to -2.6% in 2020.
• The country is facing high inflation, which has been above 15% for most of the past year, and a large current account deficit.
• The Turkish lira (TRY) has been volatile, with a significant depreciation against the US dollar in recent years.

Recent Developments:

• On March 18, the Turkish Central Bank (CBRT) raised its benchmark interest rate by 200 basis points to 19.75% to combat high inflation and support the currency.
• The bank also announced that it would maintain its tight monetary policy stance to ensure price stability and support the economy.
• In a bid to boost the economy, the government has implemented a series of stimulus packages, including tax cuts and increased public spending.
• The country has also been seeking to attract foreign investment, with the government announcing plans to privatize state-owned enterprises and improve the business environment.

Outlook:

• The International Monetary Fund (IMF) has forecast that Turkey's economy will grow by 2.5% in 2023, following a contraction of 2.6% in 2020.
• The World Bank has also predicted that Turkey's economy will recover in 2023, with GDP growth expected to reach 3.5%.
• However, the economy is still facing significant challenges, including high inflation and a large current account deficit, which could impact the country's growth prospects.

Key Indicators:

• Inflation rate: 15.6% (February 2023)
• Unemployment rate: 12.8% (January 2023)
• GDP growth rate: -2.6% (2020)
• Current account deficit: $43.8 billion (2020)
• Foreign exchange reserves: $95.4 billion (February 2023)

News Sources:

• Bloomberg
• Reuters
• Financial Times
• The Wall Street Journal
• Turkish newspapers such as Hurriyet and Milliyet

Please note that the information provided is subject to change and may not reflect the most up-to-date figures.