According to Fitch Ratings, the global credit rating agency, it raised its forecast for Turkey's economic growth rate from 6.3 to 7.9 percent. It gave BB rating to Turkey as a long-term foreign currency exporter, and its outlook is stable. This is due to the strong performance in the first quarter of this year, and the continued resistance in the economic movement.
Policy uncertainty in Turkey remains high, and inflation is expected to fall to 16.9% with the positive impact and slowing demand.
It is also expected that the average annual inflation next year will reach 14.6, and reach 11.8 in 2023.
As for the slowdown in domestic demand, it will be offset by strong exports and the recovery of the tourism sector, expecting the country's economy to improve by 3.5%.
According to the statement, the Turkish account is under treatment from the deficit, and it has been reduced to 3% of the gross domestic product.