Tuesday, 19 July 2016

Turkey's economy

Turkey: Post-Coup Economy At a glance


Via Facebook

- Turkish shares slump 8% after coup attempt


- Turkish Lira, initially fell by nearly 5% has recovered some lost ground; risen by 3% so far on Monday / iShares MSCI Turkey Exchange ETF was down 5% in premarket trading


- The drop in currency value is its biggest drop since 2008
- 2.9274 against the US dollar Monday, having ended the week at 3.0157 per dollar, close to the record low set last Septembe

- Turkey Central Bank says that it will support all Turkish banks and provide liquidity as needed to avoid financial instability


- Airport operator TAV saw its shares fall by 11% and Turkish Airlines was down by nearly 8%


- In May, visitor numbers were 35% lower compared to same time last year
- Tourism revenues declined by 23% further as May progressed


- Deficit in 2015 it stood at more than $32bn or about 4.5% of GDP - Deficit in 2016 is unannounced but is expected to show further deterioration 


- IMF/World Bank forecasts that the Turkish economy will grow by 3.5% in 2016, compared to 4.5% 2015


- Growth 2015 is considered weak to dangerously so, and is low compared with other emerging nations


- Before the coup, the Istanbul National 100 stock index had risen by almost 15% since the beginning of the year
- Financial advisers, and bankers, close/loyal to the Turkish Government is seeking to calm the problem


- Some warn that the country might soon see a credit rating downgrade as well as an investment advisory placed on it by creditors/investment organizations.


FT, BBC, CNN, The Economist, and Swedish Royal Academy of Technology supplied information and commentary to this post.





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