Moody’s: Inflation in Turkey will exceed 25% and GDP will decline...

Moody’s, the credit rating agency, expected Turkey’s consumer price index to exceed 25 percent in the coming months, and said persistently high inflation would limit growth in 2022.

The agency indicated that another possible interest rate cut in December further reduces its expectations and view of the Turkish economy.

“We expect the consumer price index, which reached 21.3 percent in November, to accelerate to about 25 percent and even more in the coming months,” Moody’s said in a note to clients on Wednesday.

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It added that it expected the inflation rate to range between 17 and 18 percent by the end of 2022.

She pointed out that the continued high inflation in Turkey will limit the economic expansion, and expected that the real GDP growth will currently slow to 4 percent in 2022, from an estimated 11 percent this year.

The agency said that the weakness of the local currency (the lira) strengthened the shift towards the dollar, but that confidence in the banking system remains strong in the absence of indications of withdrawal of deposits.

Source: “Reuters”

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