(MENAFN) According to Moody’s statement published on Friday, the international rating agency has changed Turkey's growth prediction for 2021 to 11 percent.
It stated, "the private sector remains relatively resilient to the currency's depreciation and shows overall improving conditions," and added "Turkish banks and large corporations -- the main borrowers abroad -- are well protected against currency depreciation.”
Based on the agency's Global Macro Outlook that was issued in November, the preceding growth prediction for the country was 9.2 percent.
Moody's stated that it predicts economic growth decreasing to about 4 percent during the upcoming year. It also confirmed Turkey's credit rating at 'B2' and sustained its negative view.
The statement reported, "irrespective of the current pressure on the currency, Turkey's fundamental external vulnerability risk has declined because of a lower current account deficit supporting a gradual rebuilding of foreign-currency reserves on a gross and net basis."
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