'Turkey has shown a very impressive resilience and flexibility and has recovered and stabilised from the financial crisis of last summer,” Fitch Ratings expert says
"Turkey has shown a very impressive resilience, flexibility, and recovered and stabilised from the financial crisis of last summer," says Ed Parker of Fitch Ratings.Turkey executed a “very impressive” bounce back from the challenges it faced last summer, an expert from Fitch Ratings said on Thursday.
Pointing to Turkey's strong fundamentals, Parker said the country's sovereign balance sheet, low government debt and private banks are in relatively good shape.Parker also highlighted that the country posted a current account surplus instead of a deficit as well as a decline in inflation. In August, consumer prices in Turkey rose 15 percent on a yearly basis, versus annual inflation of about 16.5 percent the previous month, according to TurkStat, the Turkish Statistical Institute.
On the country’s economic outlook, Parker said there are still significant risks, and the recovery so far owes a great deal to fiscal stimulus and state banks.
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