The national economy is expected to grow by 5.5% in 2021 and 4% in 2022, according to the European Bank for Reconstruction and Development (EBRD). The EBRD said the forecast for 2021 GDP growth will be driven by increasing exports as domestic demand remains constrained by the impact of weaker household financial circumstances. Tourism sector will recover slower than expected, the bank said.
The EBRD focuses on the country’s private sector in terms of investments due to its active structure, according to Odile Renaud-Basso, President of the EBRD. Private sector projects generate 95% of the bank’s total investments in the country. “We’ll continue to finance environment projects and green investments,” said Renaud-Basso. The bank has recently provided EUR 25m to Akbank’s subsidiary Aklease so that it will finance energy and water efficiency as well as waste minimization and small-scale renewable energy investments of SMEs in the country.
Looking at the money market, USD/TRY, which has hovered around 8.70 since the beginning of the week, is traded at 8.72-8.73 this morning. EUR/TRY stands at just above 10.40.
DAILY AGENDA
The Turkish Statistical Institute (TurkStat) will release foreign trade statistics for May (10.00 am).
TurkStat will release the Services Producer Price Index for May (10.00 am).
The Ministry of Treasury and Finance will release the general government’s external debt stock statistics for Q1 (12.00 pm). The gross external debt stock amounted to USD 450bn, while the net external debt stock totaled USD 268.9bn in Q4 2020.
President Recep Tayyip Erdogan will deliver a speech at the Ak Party’s Parliamentary Group meeting (12.00 pm).
Minister of Treasury and Finance Lutfi Elvan will attend to the Union of Chambers and Commodity Exchanges of Turkey’s (TOBB) Joint Council meeting (3.00 pm).
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