Moody & # 39; s: serious economic problems await Turkey while the lira falls

Khaled Badr El Din

The world's worst currency this year, when on August 10th marked the decline of the lira this year, the rating agency Moody & # 39; s said Saturday that a "world of pain" awaits the Turkish economy next year. While it has lost almost 40% of its value from the beginning of the year.

Moody & # 39; s said that the declines of the lira this year will result in serious economic problems with the slowdown of growth in the developed and emerging markets.

Moody's predicts that the Turkish economy will decline in the first half of next year with the decrease in lira prices and the rising costs of financing inflation and a sharp increase in financial burdens they could influence household purchasing power, private consumption and investment.

The projections come from the US agency, at a time when the International Monetary Fund expects the growth of the Turkish economy to fall to 0.4% in 2019, from 3.5% this year.

"A weak pound and rising financing costs will have an impact on investment and consumption," the International Monetary Fund said in a report released Thursday.

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