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Surge in growth is driven by higher oil prices and non-oil investments

(Bloomberg) -- Turkish inflation is expected to surge to a 19-year high in December, propelled by a slump in the lira and President Recep Tayyip Erdogan’s push for cheaper borrowing.  Data due Monday will show consumer prices rose for a seventh straight month to an annual 27.36%, compared to 21.

Oil-exporting countries in the Middle East and North Africa region are expected to register stronger growth next year, driven by accelerated vaccination programmes, higher oil prices and Opec+’s policy to gradually increase production in line with improved demand. The UAE’s economy is projected to grow 5.8 per cent next year, while Saudi Arabia, the largest ...

The Turkish lira yesterday edged lower against the US dollar after ratings agency Fitch revised the country’s outlook to “negative” from “stable” over risks from monetary policy direction. At 5:18am GMT, the lira stood at 13.75 to the US currency, about 0.6 percent weaker from Thursday’s close. The unit has lost about 46 percent of its value against the greenback this year. The currency slumped to an all-time low of 14.0 this week after Turkish President Tayyip Erdogan defended the low-rate economic policy and as the dollar benefited from hawkish US Federal Reserve comments. The ra...