S & P did not change Turkey's credit note, made recession warning
International credit rating agency Standard and Poor's (S & P) credit rating from long-term foreign currency Turkey's "B +" and its long-term local currency credit rating from "BB-" he confirmed.
"The COVID-19 epidemic will likely push the Turkish economy into recession and raise the budget deficit to around 5 percent of GDP," S&P said.
On the other hand, the agency stated that by the end of 2020, public debt estimates that 34 percent of the national income will remain at a reasonable level and the government will have maneuver in terms of financial policies.
That the economy in the second half toparlanacaks & P's regular calendar of the first made of the losses caused by the global economy, the agency corona virus outbreak this description also affected Turkey's economy possibility because such a step has been taken and stressed to do in the July 24 next planned releases.
Due to fluctuations in foreign exchange rates and Covidien-19 despite the disruptions in economic activity, the S & P Turkey has announced that it expects the recovery in the second half of the GDP.
On the other hand, the agency stated that if the effect of the coronavirus epidemic is higher than its current predictions, the grade discount may come to send.
According to the baseline scenario of Turkey's economy will shrink 3.1 percent in 2020, estimates that the S & P predicts a growth of 4.2 percent for 2021.