In a written statement, the U.S.-based credit rating agency said: “Despite the absence of a coordinated and proactive policy response, the Turkish economy and banking system will navigate existing challenges over the next year, helped by the U.S. Federal Reserve’s looser monetary policy.”
It noted that the agency could raise the rating if the Turkish government increased the economy’s credibility and transparency.
Turkey‘s New Economic Program, revealed in the last September, set a growth target of 2.3% for 2019, 3.5% for 2020 and 5% for 2021.
The country’s unemployment rate is expected to drop to 12.9% in 2019, 11.8% in 2020, and 10.8% in 2021, according to S&P.
Turkey‘s economic program also forecasted that the unemployment rate would decrease to 10.8% in 2021.
Hurriyet Daily News