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Fitch: Turkey’s outlook stable, credit rating at BB-

revised 's outlook to stable late Friday.

Daily Sabah ECONOMY
Published February 20,2021
The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016. (Reuters Photo)

The global credit rating agency also affirmed the country's credit rating at "BB-."

The company previously predicted Turkey's gross domestic product (GDP) growth rate in 2021 will hit 3.5%, with an acceleration in the second half.

The COVID-19 vaccine launch and easing of restrictions worldwide will support the acceleration, director of the agency's sovereign team, Douglas Winslow also told Anadolu Agency (AA).

Fitch also expects that the country's GDP growth rate will be 0.2% for 2020 due to the lockdown measures while inflation will continue to be above the Central Bank of the Republic of Turkey (CBRT) targets, he noted.

Turkey's overall export competitiveness is helped by the adjustment in the real effective exchange rate over recent years, which depreciated 18% in 2020, Winslow said, adding that with contributions of recovering tourism activities in the coming period, Turkey's current account deficit will narrow to 3.5% of the country's GDP, while it was 5.2% in the first 11 months of 2020.