Turkey's economy is expected to recover in 2021
The outlook for the global economy suggests that Turkey will return to record economic growth of 5% next year as global demand recovers. In 2020, the economy collapsed by 3.8 percent.
The report also indicates that the projected decline in the Turkish economy this year is associated with a reduction in investment inflows to a record low, as well as a decline in exports due to weak external demand and disruptions due to quarantine restrictions.
According to statistics, the country's gross domestic product increased by 0.6 percent after seasonal and calendar fluctuations compared to the previous quarter.
Commenting on the information from May 29, Berat Albayrak explained that the worst for the Turkish economy is over and the recovery has already begun.
"We can predict that the economy will return to its potential level in the last quarter of this year, and we can finish 2020 with positive growth indicators," the minister continues.
According to experts, the coronavirus outbreak caused a rapid and severe shock, which led to the collapse of the world economy, the largest since 1870. This information was disclosed in the World Bank's report on the following economic prospects.
According to experts of the World Bank, in 2020, the economy of developed countries will shrink by 7%, and in developing countries - by 2.5%, which will be the first such drop since data collection in 1960.
For Japan and the USA, these figures will be 6.1%, for the eurozone countries - 9.1%, for Brazil - 8%, for India - 3.2%.
According to experts, China will be able to maintain economic growth at 1% in 2020 against the January forecast of 6%.
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