Turkey’s Gross Domestic Product to Contract by 3.8% in 2020: World Bank

Turkey’s gross domestic product is expected to contract by 3.8% in 2020, according to the World Bank, adding that this estimate remained unchanged from its previous forecast made back in 2014.

Information from the “Europe and Central Asia Economic Update Fall 2020” revealed that the World Bank expects economic growth to recover in 2021, noting however that the economic growth rate for 2021 would depend on how long the pandemic persists.

Whilst Turkey is already recovering from COVID-19, the World Bank noted that the growth would be slow, largely due to a significant deterioration in the country’s current account, lower demand-side consumption...