IMF: Turkey's Economy to Shrink By 5% In 2020

The International Monetary Fund (IMF) has projected Turkey’s economy to shrink by 5% while also predicting that the global economy is set to experience its worst recession in 2020 since the Great Depression. However, the IMF expects Turkey to recover in 2021 with an economic growth of 5%.

According to the IMF's global economic outlook report titled ‘The Great Lockdown’, Turkey's consumer price inflation is expected to come in at to 12% in both 2020 and 2021, while the country's current account balance calculated as percentage of GDP is forecast at 0.4% in 2020 before declining to a deficit of 0.2% of GDP in 2021.

Meanwhile, the IMF also predicts Turkey’s unemp...