Moody's reviews Turkish expansion prediction to 11 percent i...| MENAFN.COM

Sunday, 29 May 2022 05:12 GMT

Moody's reviews Turkish expansion prediction to 11 percent in 2021


(MENAFN) In accordance to the global rating company, Moody's reviewed Turkish 2021 expansion prediction to 11 percent.

The agency added "The private sector remains relatively resilient to the currency's depreciation and shows overall improving conditions," noting "Turkish banks and large corporations, the main borrowers abroad, are well protected against currency depreciation.”

As shown by the organization's Global Macro Outlook shared last month, the earlier expansion prediction for Turkey reached 9.2 percent, adding it predicts that financial expansion will decrease to almost 4 percent next year.

It as well stated Turkish credit volume at 'B2' and continued its bad view.

In line with the published report "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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