The Turkish banking sector will end 2019 better than expected, with a recovery in macroeconomic indicators such as growth, inflation, and unemployment, said the heads of both state and private banks.

Bank managers expect the sector to continue to support the economy in 2020.

Abdi Serdar Ustunsalih, the CEO of state lender Vakifbank, stressed that next year will be a “transformative year” for the Turkish economy.

Saying that uncertainties in global markets create risks in the short term, Ustunsalih said developments in the medium- and long-term will favor developing countries, especially Turkey.

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