Financial services holding company, Citigroup Inc. (Citi) said in a report on Thursday that the Turkish economy will face a 3.4 percent contraction in 2019, Dünya newspaper reported.
Earlier this month, Citi convened a conference on the Turkish economy in London, with 17 Turkish companies and 79 investors attending.
The Citi report, based on the discussions during that meeting, predicts a 2 percent contraction in Turkey’s economy for the last quarter of 2018. The bank’s economists foresee a subsequent 2.7 percent and 6.2 percent contraction in the first and second quarters of 2019.
The country’s economy shrunk by 1.1 percent in the three months to September as private consumption and investment slumped, according to official figures published last month.
Citi said that Turkish companies had already been feeling the decline in domestic demand and were hoping to offset it by increasing sales to foreign markets.
Source: Ahwal News
