Turkey's economy is expected to contract in 2019 for the first time in a de...
ISTANBUL - Turkey’s economy is expected to contract in 2019 for the first time in a decade and to see only modest growth in the following two years, a Reuters poll showed on Wednesday.
There was a wide range of estimates in the July 4-16 Reuters poll, from growth of 1% to a contraction of 5%. The poll sees growth of 2.4% in 2020 and 3.4% in 2021. But hit by a currency crisis that triggered a near-30% lira slide against the dollar, the Turkish economy contracted 2.6% in the first three months of the year after shrinking 3.0% in the fourth quarter of last year,
President Tayyip Erdogan, a self-described “enemy of interest rates”, dismissed Murat Cetinkaya on July 6 for not following instructions. His successor, Murat Uysal, hinted at rate cuts on Monday. “We now expect the CBRT to cut rates by 200 basis points on July 25 and see a cumulative 500 basis points fall by the end of this year,” JP Morgan said in a recent note.
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