Fitch raises Turkey’s economic growth forecast for 2021

Monday, 20 September 2021 16:31:39 (GMT+3)   |   Istanbul

In its Global Economic Outlook Report, US-based credit rating agency Fitch Solutions has lowered its 2021 growth forecast for the global economy, while it has revised up its growth forecasts for the Euro zone, Turkey, Poland, Mexico, Russia and South Africa economies.

According to the report, the economic growth forecast for Turkey for this year has increased from 7.9 percent to 9.2 percent. Stating that the economic momentum will continue until the second half of this year, Fitch forecasts that economic growth in Turkey will decrease to 3.5 percent in 2022, while it will increase to 4.5 percent in 2023. In the report, it is stated that strong growth rates have been accompanied by high inflation, while it is estimated that inflation in Turkey will exceed 17.2 percent this year, be at 13.4 percent in 2022 and at 10.5 percent in 2023.

Meanwhile, Fitch has lowered its global economic growth forecast from 6.3 percent to six percent, while the economic growth forecast for China has decreased from 8.4 percent to 8.2 percent, the growth forecast for the US has declined from 6.8 percent to 6.2 percent. On the other hand, the economic growth forecast for the Euro zone has risen from five percent to 5.27 percent.

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