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Citi cut its 2021 economic growth estimate for Turkey on Tuesday to 3.4 per cent from 4 per cent, forecasting a drop in activity from the second quarter as external financial conditions tighten.
The bank raised its forecast for year-end inflation to around 15 per cent from 11.7 per cent following the latest slump in the lira. It also struggled to see an economic case for interest rate cuts this year, unless there was a "significant improvement" in inflation and investment inflows.
Turkey's central bank is expected to keep its policy rate at 19 per cent on Thursday at its first meeting since President Tayyip Erdogan fired hawkish former governor Naci Agbal.
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