European Council’s report, “Autumn 2019 Economic Forecast,” on Thursday raised its growth expectation for Turkey’s GDP this year from minus 2.3% to 0.3%.
The report, of which previous version was released last Spring, also expected that the Turkish economy will grow 3.1% in 2020 and 3.5% in 2021.
Meanwhile, the report’s previous 2020 forecast for GDP growth was 3.9%.
“The economy recovered faster than expected from last year’s currency crisis, supported by a large fiscal stimulus and strong growth contribution of net exports,” the report said.
The Turkish economy grew 7.4% in 2017 and 2.6% last year.