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IMF slightly cuts growth forecast for Turkish economy: report

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The International Monetary Fund (IMF) slightly cut economic growth expectations for Turkey in the next two years in a newly released report, the T24 news website reported.

Previous growth forecasts for Turkey were 3.7 percent for the two consecutive years, but the new report revised them 0.2 and 0.1 percent for 2019 and 2020, respectively.

Despite political intervention and improvements in foreign financing issues, the Turkish economy will slow down more than expected in 2019 and will recover mildly in 2020, the report said.

The IMF also warned that the world economy was slowing — and that it would get worse if countries keep squabbling over trade, CNN reported.

The IMF’s updated World Economic Outlook lowered estimates for growth in 2019 by 0.2 to 3.5 percent, its second downward revision, this time due to weakness in Germany and Turkey.

Turkey experienced a currency crisis last summer with the lira in free fall against the US dollar, causing inflation to climb to more than 20 percent annually.

The Turkey’s growth for Q3 in 2018 was at 1.6 percent.

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