Latest Turkish Economy Update 2024

Fitch Ratings has raised its forecast for Turkey's economic growth to 3.5%, thanks to strong performance in recent months and increased tourism revenues. However, high inflation (60% in October) remains a major challenge and is expected to persist through 2025.

To combat inflation, the Turkish Central Bank is planning to raise interest rates to 45% in 2024, along with government measures like higher taxes to reduce the fiscal deficit.

Turkey is heading towards greater economic stability, supported by natural gas production and a boost in tourism!