contraction of the economy will continue in Turkey

The international rating agency S & P, according to the economic slowdown will continue in Turkey. The organization said the temporary tax cuts should end after the local elections on March 31.

Statistics Institute Turkey (TUIK), following the announcement on March 11 that there was a contraction of the International Standard & Poor's rating agency warning economy (S & P) came.

Organizations held in Turkey in 2018, indicating that the expectations of the economy in 2019 have maintained their position that they will continue to decline, he said.

In the assessment, "a return to a sudden reversal in the flow of the balance of payments, Turkey could not remain exempt from the rules followed by the economic recession. Similar trends in Turkey in 2001 and 2009, we have seen all over the world after the global financial crisis, "the statement said.

The following statements were made in the statement indicating the burden of foreign currency debt and contraction of demand:

In the first half, we expect a weaker momentum and a partial recovery of the base effect towards the end of the year. Domestic demand, continued contraction in investment and the tightening of the international financial situation will be the main weakness, with the burden of foreign currency denominated debt and high interest rates in reading as a result of weak lira. We expect the current temporary tax cuts to end after this month's local elections and consumption will fall in real terms this year. Good export performance, especially tourism, will give Güçlü a little respite.