Economic news

JPMorgan ups Turkey inflation, growth forecasts after rates decision

2023.07.20 11:04


© Reuters. People shop at a fresh market in Istanbul, Turkey July 5, 2023. REUTERS/Dilara Senkaya/File Photo

LONDON (Reuters) – Wall Street bank JPMorgan (NYSE:) revised both its growth and inflation outlooks for Turkey upwards after the central bank delivered a smaller-than-expected interest rate hike on Thursday.

JPMorgan forecast that full-year economic growth would stand at 4% by year-end rather than the previously expected 3.2%. Meanwhile, inflationary pressures have intensified in July due to ongoing lira depreciation and tax hikes and wage hikes, JPMorgan analyst Fatih Akcelik said in a note to clients, adding he now expected year-end inflation to stand at 57% rather than 50%.

Inflation was expected to peak at 64% in May 2024 due to unfavourable base effects in prices and pre-election stimulus, Akcelik added.

“We maintain our year-end policy rate forecast at 30%, and we still expect a 250 bps (basis point) hike at each meeting by the end of the year.”

Turkey’s central bank hiked its policy rate by 250 bps to 17.5% on Thursday, continuing to reverse President Tayyip Erdogan’s low-rates policy as it promised more tightening and said it would support it with additional measures.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,504.59 2.65%
ethereum
Ethereum (ETH) $ 3,359.57 3.42%
tether
Tether (USDT) $ 0.999057 0.03%
xrp
XRP (XRP) $ 2.18 4.38%
bnb
BNB (BNB) $ 686.66 2.92%
solana
Solana (SOL) $ 189.04 3.65%
dogecoin
Dogecoin (DOGE) $ 0.316108 4.69%
usd-coin
USDC (USDC) $ 0.999491 0.08%
staked-ether
Lido Staked Ether (STETH) $ 3,356.63 3.38%
cardano
Cardano (ADA) $ 0.868781 5.04%
tron
TRON (TRX) $ 0.251654 1.73%
avalanche-2
Avalanche (AVAX) $ 37.82 7.12%
the-open-network
Toncoin (TON) $ 5.71 4.04%
chainlink
Chainlink (LINK) $ 23.05 6.60%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,988.98 3.68%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 5.80%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,634.62 2.24%
sui
Sui (SUI) $ 4.25 5.39%
hedera-hashgraph
Hedera (HBAR) $ 0.291093 7.07%
stellar
Stellar (XLM) $ 0.3586 6.88%
polkadot
Polkadot (DOT) $ 7.01 5.87%
bitget-token
Bitget Token (BGB) $ 7.29 28.28%
weth
WETH (WETH) $ 3,359.46 3.50%
bitcoin-cash
Bitcoin Cash (BCH) $ 439.73 5.44%
leo-token
LEO Token (LEO) $ 9.18 3.43%
hyperliquid
Hyperliquid (HYPE) $ 24.33 14.05%
uniswap
Uniswap (UNI) $ 13.02 6.39%
litecoin
Litecoin (LTC) $ 103.70 4.76%
pepe
Pepe (PEPE) $ 0.000017 7.22%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,545.76 3.62%
near
NEAR Protocol (NEAR) $ 5.11 7.04%
ethena-usde
Ethena USDe (USDE) $ 0.998026 0.16%
usds
USDS (USDS) $ 0.997655 0.27%
aave
Aave (AAVE) $ 339.33 9.06%
internet-computer
Internet Computer (ICP) $ 10.54 6.72%
aptos
Aptos (APT) $ 8.91 7.18%
crypto-com-chain
Cronos (CRO) $ 0.151085 4.69%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.483806 6.29%
mantle
Mantle (MNT) $ 1.19 5.30%
ethereum-classic
Ethereum Classic (ETC) $ 26.09 5.39%
vechain
VeChain (VET) $ 0.047707 8.93%
render-token
Render (RENDER) $ 7.20 4.95%
monero
Monero (XMR) $ 192.09 0.95%
whitebit
WhiteBIT Coin (WBT) $ 24.63 0.96%
bittensor
Bittensor (TAO) $ 474.96 7.87%
mantra-dao
MANTRA (OM) $ 3.64 3.21%
dai
Dai (DAI) $ 0.999566 0.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.28 5.70%
arbitrum
Arbitrum (ARB) $ 0.756647 5.65%
okb
OKB (OKB) $ 51.82 9.90%