The Turkish economy is going red The Turkish economy is going red
Written by  Aug 18, 2018 - 95 Views

The Turkish economy is going red

Abu Dhabi, UAE / The Turkish economy is at risk and appears to be entering 2019 in a red phase, Standard & Poor's said.

Turkey's credit rating reached "B +", the second such decision in four months, which would put the sovereign debt position in the speculative investment category. S & P predicted the Turkish economy will contract in 2019.

The agency said it had lowered its sovereign debt rating to one degree to "B +" because of the deterioration of the value of the Turkish lira during the past two weeks and the country's inflationary economy and high debt levels.

"From our point of view, the severe weakness of the lira has negative fiscal implications ... we now expect the economy to contract in 2019," it said in a statement.

"The downgrade reflects our expectations that the high volatility of the Turkish lira and the consequent sharp adjustment in the balance of payments will undermine the Turkish economy," the statement said.

"Inflation is expected to peak at 22 percent in the next four months, before falling below 20 percent by mid-2019," he said.

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