Fitch has reduced its economic growth forecasts for Turkey and increased its inflation forecast for the country in the wake of a significant loss in the Turkish Lira’s value against the greenback in its latest global economic outlook.
In the outlook, which was released on Sept. 21, Fitch cut its 2019 GDP growth forecast for Turkey from 3.6 percent to 1.2 percent.
The depreciation of the lira will push inflation to 20 percent at the end of 2018, up from a 14-year high of 15.8 percent in July, according to Fitch. It also revised up its 2019 forecast from 10.8 percent to 15 percent.
More: Fitch forecasts slower growth, higher inflation in Turkey