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Fitch Ratings revised Turkey’s outlook to stable

Fitch Ratings revised Turkey’s outlook to stable

The global credit rating agency Fitch Ratings revised Turkey’s outlook to stable late Friday.

The agency also affirmed the country’s credit rating at “BB-.”

The company previously predicted Turkey’s gross domestic product (GDP) growth rate in 2021 will hit 3.5%, with an acceleration in the second half.

The COVID-19 vaccine launch and easing of restrictions worldwide will support the acceleration, director of the agency’s sovereign team, Douglas Winslow also told Anadolu Agency (AA).

Fitch also expects that the country’s GDP growth rate will be 0.2% for 2020 due to the lockdown measures while inflation will continue to be above the Central Bank of the Republic of Turkey (CBRT) targets, he noted.

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