The International Fitch Agency Has Upgraded Turkey's Credit Rating

The assessment of the state of the Turkish economy has a positive trend. The international rating agency Fitch Ratings upgraded Turkey's credit rating from "B" to "B+". The outlook improved from “stable” to “positive”.

According to the agency, the improvement in the country's rating is associated with the effectiveness of economic policy after the changes in June 2023. The economic growth rate in 2024 is expected to be 2.8%, with a possible increase to 3.1% by 2025.

The next ranking data is expected on September 6.

Fitch Ratings Senior Director and Turkey Analyst Erich Arizpe Morales said that the consistency of Turkey's macroeconomic policies has produced important results and confidence has increased that the long-term policy will be maintained. “This decision is consistent with Turkey's change in economic policy to reduce the risk of macroeconomic and financial instability. Since September, we have had greater confidence that the current political axis is stronger,” Morales comments on the rise in ratings.

Fitch Ratings experts believe that current policies are consistent in reducing Turkey's current account deficit. In May 2023, it was at $60 billion over 12 months and has begun to decline. The deficit is expected to fall to around 2.6% of GDP in 2024 and 2.2% in 2025.

Turkish Minister of Treasury and Finance Mehmet Şimşek is confident that Turkey's rules-based and predictable policies influenced the revision of the country's credit rating by Fitch Ratings. “We are committed to maintaining sound policies and implementing structural reforms,” the minister said.

Turkish daily newspaper Hürriyet published the abstracts of Şimşek's statement:


  • Ensuring price stability remains a top priority.

  • The growth rebalancing process is progressing well.

  • Domestic consumption remains moderate and net exports are strengthening.

  • The current account deficit is shrinking faster than expected and could fall well below 3% of GDP in 2024.

  • The share of Turkish lira deposits in total deposits has increased by 12 points since August. The trend will continue as confidence in the government program grows.

  • Fiscal dynamics are expected to ease this year and revenue policy will become more accommodative.

  • The government aims to reduce the budget deficit, including earthquake-related expenses, to below 3% of GDP next year. But achieving price stability will take time.

  • Recent fluctuations in the foreign exchange market are temporary.

  • The CBRT is determined to stabilize inflation expectations using all the tools at its disposal.

  • The program, announced in September, is working as predicted.


The increase has had a good impact and will have an impact on the Istanbul Stock Exchange. The BIST 100 Index started the new week with a gain of 2.28%.


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