Turkey’s negative economic woes are bound to rage on unabated as the International Monetary Fund (IMF) has now revised the country’s growth rate. Generally, Government debt as a percent of GDP is used by investors to measure a country ability to make future payments on its debt, thus affecting the country borrowing costs and government bond yields. About Office Information. Resident Representative for Turkey Ben Kelmanson Senior Resident Representative . A sudden drop in reserves in March prompted the lira’s biggest single-day decline since last year’s currency crash. Foreign investors have already withdrawn a net $1.6 billion from the lira-denominated bond market this year amid political and economic turbulence. 100032, PRC Tel: +971 4401 9651, IIF Asia Pacific It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Winland International Finance Centre Chart of the Week: Government Debt Is Not the Whole Story: Look at the Assets. Turkey’s growth is volatile around a downward trend, … and expansions are linked to wide external imbalances. On December 9, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Turkey. “Except the trade tension, as it is been in the US-China stand-off, there are many triggering factors which are predicted to cause worsening the risk perceptions and economic growth,” said the IMF. When we create a favorable environment for foreign investment environment, it will be favorable for our investor too. [1] In the wake of the global financial crisis, growth in Turkey became increasingly dependent on externally-funded credit and demand stimulus, and, as a result, Turkey’s economy began running above potential with a large current account deficit and high inflation. Further stimulus, however, could intensify demand pressures. At its 24 September meeting, the Central Bank’s Monetary Policy Committee (MPC) took market analysts by surprise and raised the one-week repo rate by 200 basis points to 10.25% from 8.25%. Consumer confidence came in at 82.0 in September, up from August's 79.4. Singapore 048623 Turkey has about $118 billion of foreign-currency debt maturing within the next 12 months. The IMF's integrated policy framework remains a key topic for EM. The contraction in imports likely reflected frail domestic demand and the pass-through effects of a weakened lira. Global recession risks pose significant challenges for growth in 2020. All that said, the main global forecast of 3.5% does, nonetheless, still constitute a respectable increase in economic activity. Sign up to receive free e-mail notices when … Turkish firms were slightly less optimistic at the close of the third quarter compared to the prior month, with the Real Sector Confidence Index easing to 105.3 in September from 106.2 in August.