Turkish FinMin Albayrak: The worst is behind for Turkey’s economy

Following the release of the Turkish fourth quarter GDP report, the country’s Finance Minister Berat Albayrak took to twitter, in order to calm the markets.

Albayrak noted that the worst is now behind Turkey’s economy, adding that the economic growth in 2019 will be in line with the government’s forecast that sees economy returning to growth of 2.3 percent by the end of this year.

It’s worth noting that that Turkey’s GDP contracted 3% in Q4 2018, marking the worst contraction in nine years, as the country entered into recession.

The Turkish Lira jumped to daily lows of 5.4616 versus its American counterpart on the GDP release before quickly recovering to 5.4268 levels. At the press time, the USD/TRY cross trades +0.19% at 5.4383.