Moody’s Lowers Turkey’s Growth Forecast

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 high inflation rates, increasing oil prices and loss of value in the Turkish Lira.

While the annual inflation goal of the Central Bank of the Republic of Turkey was previously announced as 5 percent, the inflation rate is currently at the level of 10.85 percent.

Moody’s has pointed out that the currency impact which will occur due to the loss of value in the Turkish Lira is likely to further increase the inflation rates in the upcoming months.

The rating agency has also emphasized that as a result of the statements made by the President Erdogan regarding monetary policies, the independence of the Central Bank has become questionable.

In March 2018, Moody’s lowered Turkey’s credit rating from Ba1 to Ba2 and changed its outlook from “negative” to “stable”.

For more

CHP EU Representation

About CHP EU Representation

The CHP was founded on 9 September 1923, about one and half month before the proclamation of the Republic of Turkey. The first President of modern Turkey’s oldest party was M. Kemal Atatürk. Today CHP is a social-democratic party, member of the Socialist International and associate member of the Socialist Group at the European Parliament. The scope of the CHP bureau in Brussels is not limited to the bilateral framework of Turkey's EU accession process. Issues such as the information society, energy policies, social development, climate change, international trade and security are among the different focus areas. The EU-Turkey relations are about integration and need multiple, plural and horizontal channels of communication. The CHP supports and promotes Turkey's EU membership process also by being more present and active in Brussels The CHP's Representative to the EU is Ms Kader Sevinç who previously worked as an MEP advisor at the European Parliament and in the private sector.
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