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cuts by the central bank. The manufacturing sector will accelerate and we will also see an increasing trend in imports."
The median estimate for the current account balance at end-2019 was flat at a Reuters poll held in October. Estimates ranged between a deficit of $6bn and a surplus of $9.8bn.
“Turkey in recent years suffered two ‘sudden stops’ in foreign capital inflows rivalling the Great Recession in severity. The first was in 2015/6 due to RMB devaluation fears. The second began in 2018 and is ongoing. Yes, the current account has corrected, but it had little choice...,” Robin Brooks of the Institute of International Finance (IIF) said on October 18 in a tweet.
5.2.3 Capital flight dynamics
The proposed takeover of British Steel by Ataer Holdings, a division of Turkish army pension fund manager Oyak, is in danger of collapse, with the UK government saying it was preparing to open discussions with rival bidders, British media were reporting late on October 23.
Odelo Bulgaria, part of Turkey's Bayraktarlar Group, launched the construction of a €40mn plant to produce headlights for Mercedes-Benz vehicles on October 22, the government in Sofia said in a statement.
Turkish company Purplast that produces plastic parts for the automotive industry will initially invest €5mn to build a factory in North Macedonia, the government announced on October 29.
32 TURKEY Country Report November 2019 www.intellinews.com
