Moody’s Slashes Forecast for Turkey’s 2018 Economic Growth

Moody's Sign  - REUTERS
Moody's Sign - REUTERS
TT
20

Moody’s Slashes Forecast for Turkey’s 2018 Economic Growth

Moody's Sign  - REUTERS
Moody's Sign - REUTERS

International credit rating agency Moody’s has lowered Turkey’s growth forecast for 2018 from 4 percent to 2.5 percent on the grounds of increasing oil prices and loss of value in the Turkish Lira.

The rating agency has emphasized that this was influenced by the statements made by President Recep Tayyip Erdoğan regarding monetary policies and measures which he will take after presidential and parliamentary elections taking place on 24 June.

The decision to lower Turkey's growth forecast, which hit 7.4 percent last year, came after Standard & Poor's and Fitch downgraded Turkish sovereign debt rate for similar reasons.

Earlier in May, S & P cut the country's foreign currency sovereign credit rating to 'BB-/B' from 'BB/B' but with a stable outlook.

"We are downgrading Turkey because of what we view as increasing macroeconomic imbalances," the agency said in a statement.

Also, the central bank raised its 2018 inflation forecast to 8.4 percent from 7.9 percent, with the year-end inflation forecast for 2019 remained unchanged at 6.5 percent.



Saudi Foreign Minister Meets with US Envoy to Syria

Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA
Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA
TT
20

Saudi Foreign Minister Meets with US Envoy to Syria

Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA
Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah met with US Special Envoy for Syria Tom Barrack in Riyadh on Thursday, SPA reported.

During the meeting, they discussed ways to support the Syria to enhance its security, stability, and economic recovery.