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Fitch Ratings Raises Turkey’s Growth Forecast for 2021

MuhasebeNews — Mon, 23 Aug 2021 09:58:42 +0000

In its recent review, Fitch Ratings increased its growth forecast for Turkey to 7.9 percent for 2021 from 6.3 percent in its June assessment, due to the remarkable performance in 1Q21 and continued resilience in economic activity.

“Low government deficits and debt, stronger growth performance and structural indicators, such as GDP per capita and human development” were lined up as the upsides of the Turkish economy.

Fitch has affirmed Turkey’s rating at “BB-“ with a “Stable” outlook in the last assessment.

Source: Republic of Turkey Investment Office
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World Bank updated its growth forecast for Turkey by 0.5 percentage points increasing it to 5 percent for 2021

MuhasebeNews — Mon, 21 Jun 2021 11:47:36 +0000

World Bank Raises Turkey’s Growth Forecast

The World Bank updated its growth forecast for Turkey by 0.5 percentage points increasing it to 5 percent for 2021 in its June 2021 “Global Economic Prospects” report.

The Bank has revised its forecast for the global growth from 4.1 percent to 5.6 percent in 2021, the fastest post-recession recovery in the last 80 years, largely stemming from robust rebounds in a few economies in the aftermath of Covid-19. On the other hand, the Bank underlined that many emerging and developing market will continue to suffer from the pandemic during the year. “As the global economy recovers, the epidemic continues to create poverty and inequality for people in developing countries,” said David Malpass, the World Bank Group President, emphasizing that global cooperation and debt relief are vital for low-income countries.

Stating that the global output will be 2 percent lower than the pre-epidemic levels despite the recovery, the Bank also said per capita incomes will not return to their previous levels until 2022.

OECD and Fitch Ratings Revise Up their Forecasts for Turkish Economy

MuhasebeNews — Fri, 22 Jan 2021 09:59:53 +0000

The Organization for Economic Cooperation and Development (OECD) raised its 2020 growth forecast for Turkey on January 14, in its “OECD Economic Survey of Turkey.”

Accordingly, OECD revised its 1.3 percent contraction forecast for 2020 to 0.2 percent.

The organization also projected that the Turkish economy will grow 2.6 percent and 3.5 percent in 2021 and 2022 respectively.

“The Turkish economy’s recovery from the first wave of the pandemic was strong but faced headwinds,” the report stated. “Recent stability-oriented policy measures can enhance domestic and international sentiment and support the recovery,” it added.

The report also said that Turkey managed effectively to control the number of cases in the first wave of the Covid-19 outbreak through strong health infrastructure and targeted restrictions.

Meanwhile, global credit rating agency Fitch Ratings forecasts that Turkey’s GDP growth rate will be 3.5 percent in 2021, with an acceleration in the second half. The COVID-19 vaccination, easing of restrictions and acceleration of recovery in Europe will support growth in Turkish economy, the agency said.