1

2 “...Economic activity remained robust in FY22, fueled by loose fiscal policy and a delayed monetary...”

3 “... percent in 2018 before easing to 2.2 percent in the medium term. The underlying fiscal position continues...”

4 “... and an accumulation of international reserves, which may now be used to support the recovery in 2021-22. The outlook...”

5

6

7 “... domestic product growth and reduce unemployment by about 2.2 percentage points after five years. If reforms...”

8 “... that the global pandemic begins to decisively recede this year, a rebound in growth is expected in 2021-22...”

9 “.... While growth is expected to rebound in FY2021/22, the outlook is still clouded by uncertainty related...”

10 “...: output contracted by an estimated 40 percent over 2019-22, the lira lost about 98 percent of its value...”

11 “... and an accumulation of international reserves, which may now be used to support the recovery in 2021-22. The outlook...”

12 “.../22, imbalances also started building amidst a stabilized exchange rate. The outbreak of Russia's war...”