Credit rating agency Moody’s has updated its forecast for Turkey’s financial year to take the coronavirus pandemic into account, revising its estimated 3 percent economic growth to a 1.4 percent contraction over the coming year.

Moody’s said Turkey was especially vulnerable to what it called an unprecedented shock to the global economy caused by the coronavirus, as the credit rating agency revised its global forecasts for 2020.

“We expect Turkey’s economy to be hit hardest” by the pandemic among G20 economies, Moody’s said in a report on the global macro outlook, “with a cumulative contraction in second- and third quarter GDP of about 7 percent.”

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