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Fitch eases 2019 contraction forecast for Turkey: report

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Fitch ratings has revised its contraction forecast for Turkey from 1.1 percent to 0.3 percent, stating that the country’s economy performed better than expected during the second quarter of the year, the Dünya newspaper reported on Tuesday.

Fitch said purchasing managers index (PMI) and consumer confidence index data are in line with indications that the economy is contracting, adding that it expects a general recovery in 2020.

However, the Turkish economy will grow by 3.1 percent in 2020 and 3.6 percent in 2021, lower than the earlier forecast potential growth rate of 4.3 percent.

The credit rating agency expects the Turkish lira to be at 6.00 to the US dollar by the end of 2019, and 6.60 and 7.20 in the next two years, respectively.

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