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.
Source: Republic of Turkey Investment Office
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