International credit ratings agency Moody’s on Thursday upgraded Turkey’s economic growth forecast owing to the country’s growth-friendly fiscal policy.

“Turkey’s recovery is stronger than previously expected, but aggressive stimulus and the U.S. sanctions threat pose risk,” Moody’s said.

The global rating agency revised upward its 2019 and 2020 growth estimates to 0.2% and 3%, respectively while holding its projection for 2021 at 3%.

Moody’s also expected the global growth to remain sluggish as large engines of economic activity slow-down toward a lower long-term trend.

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