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23 23 Strong Recovery is Expected in 2020 Following the Rebalancing GDP Growth (2019E, %) 9.0 7.0 5.0 Turkey 2017 Current Account Balance / GDP (2019E,%) India China Indonesia Turkey 2020 3.0 Turkey 2018 1.0 S.Africa -1.0 Mexico Brazil Turkey 2019 Malaysia Russia -3.0 -6.5 -5.5 -4.5 -3.5 -2.5 -1.5 -0.5 0.5 1.5 2.5 3.5 4.5 5.5 Source: New Economy Program, Bloomberg, TKYB Economic Research Size of the bubble is proportional to the 2019 estimated Inflation DEVELOPMENT INVESTMENT BANK OF TURKEY

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