Macro - Country Economic Forecasts - Turkey
We maintain our below-consensus GDP growth forecasts for Turkey at 2.1% and 2.5% for 2022 and 2023. The spiralling inflation, now at 70%, is leading to the steepest fall in real incomes since 2009, which, coupled with deteriorating sentiment, will increasingly weigh on domestic demand. Meanwhile, the positive contribution from net exports is set to moderate, despite still resilient export performance.
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