Moody’s Revises Turkey’s 2020 Economic Growth Forecast Down on the Back of COVID-19 Impact

Credit ratings agency, Moody’s downgraded Turkey’s economic growth forecast for 2020 to 2.5% from 3.0%, on account of the country failing to acknowledge COVID-19 cases, despite media reports stating otherwise.

In its previous 2019 update, Moody’s maintained a B1 rating for Turkey, with a negative outlook.

At the time of the Moody’s downgrade, Turkey’s Ministry of Health had stated that the country was virus-free, despite media reports indicating possible outbreaks in the country. News outlets have also indicated that Nigeria, Singapore, Israel, and Estonia have reported COVID-19 infected passengers travelling...