IMF raises growth forecasts for the Turkish economy

The International Monetary Fund (IMF) raised its growth forecasts for the Turkish economy from 2.7% to 4% for 2022, and from 3% to 3.5% for 2023.

The IMF has updated its World Economic Outlook Report.

In the report, the growth forecasts for the Turkish economy were determined as 4% for this year and 3.5% for the next year.

In the forecasts released by the IMF in April, it was predicted that the Turkish economy would grow by 2.7% in 2022 and 3% in 2023.

In the report, in which global economic growth forecasts were decreased, it was announced that the global economy is expected to grow by 3.2% this year and 2.9% next year.

In its report published in April, the IMF predicted that the global economy would grow by 3.6% in 2022 and 2023.

In the report, it was announced that the higher-than-expected inflation triggering tighter financial conditions around the world, the economic slowdown in China and the negative effects of the war in Ukraine hit the world economy, which was weakened by the epidemic.

The world’s three largest economies slowed

Pierre-Olivier Gourinchas, IMF’s Economic Advisor and Research Director, in his blog post on the economic outlook, emphasized that the world’s three largest economies are slowing down and inflation is a major concern.

Gourinchas stated that the global economy is facing an increasingly gloomy and uncertain outlook, and that the world may soon be on the brink of a global recession.

Source: Trthaber / Translated by Irem Yildiz

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