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Oct 10 2018

Turkey's economy will contract next year, S&P says

Standard & Poor’s said Turkey is entering a recession in the second quarter of the year and its economy is expected to contract in 2019.

The country is joining Argentina in an economic slump and the two countries’ performances will now depend on the ability of their respective governments to instill confidence through policy responses, S&P Global Ratings analyst Maxim Rybnikov said, according to Fortune Turkey.

Argentina will grow 2 percent this year before stagnating in 2019, Rybnikov said.

S&P's prediction comes after the International Monetary Fund forecast earlier this week that Turkey will grow 0.4 percent in 2019. The fund reduced its growth estimate from 4 percent.

The estimates of S&P and the IMF contrast with those of Turkey. The government is basing its economic programme, including its fiscal targets, on a prediction that the economy will grow 2.3 percent in 2019.