Standard & Poor’s International has announced that it has upgraded the outlook on Turkey’s credit rating from “negative” to “stable”.

Positive Outlook for Turkey’s Credit Rating

In a recent statement, the agency revealed that it has affirmed Turkey’s credit rating at ‘B’ and raised its future outlook to ‘stable’ from ‘negative’. This positive change is attributed to a notable ‘policy change’.

Measures Taken by Turkey’s New Economic Administration

The new economic administration in Turkey has implemented various measures to address economic challenges. These measures include raising interest rates by 21.5 points to 30 percent since June, aiming to combat inflation and stabilize the exchange rate. Additionally, indirect taxes have been introduced to achieve fiscal balance.

Economic Growth Expectations

According to the statement, Turkey’s economy is projected to grow by 3.5 percent this year and 2.3 percent next year.

Source: Anatolia