Turkey: Recession to be limited to -2% for 2020 – BNP Paribas

François Faure from BNP Paribas says that the Turkish economy showed good resilience in February and March. USD/TRY is trading at 6.9596.

Key quotes

“The Turkish government has not imposed a generalized lockdown therefore the supply shock is less severe than for other European economies.”

“The Central Bank has lowered its policy rate by 200 basis points since mid-March and one third of the support program announced by the government (2.3% of GDP) has already been spent in mid-March.”

“We expect recession to be limited to -2% for 2020 as a whole.”