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Moody’s Revises Turkey’s Growth Forecast Upwards

International credit rating agency Moody’s revised Turkey’s 2022 growth figure upwards and increased its growth forecast from 4.5 percent to 5.3 percent.

International credit rating agency Moody’s has published its “Global Macro Outlook” November 2022 report. Moody’s raised Turkey’s growth expectations for 2022. Raising its expectation to 5.3 percent from the previous 4.5 percent, Moody’s estimated that it will be 2 percent for 2023 and 3 percent for 2024.

G20 ECONOMIES

In the report, it was stated that the growth forecast of the G20 economies for this year was reduced from 2.5 percent to 2.1 percent, and the growth forecast for the next year from 2.1 percent to 1.3 percent. It was reported that a sharp slowdown in global economic performance is expected in 2023 due to the decrease in activity in developed economies, especially in Europe and North America.

Moody's

US AND CHINA GROWTH FORECAST CHANGED DOWN

While the US economy’s growth forecast for this year was reduced from 1.9 percent to 1.8 percent, and the 2023 growth forecast was reduced from 1.3 percent to 0.4 percent, the Eurozone economy’s growth forecast for this year was 2 percent. It was stated that the 2023 growth forecast, which was 0.3 percent, was updated as 0.6 percent contraction. In the Moody’s report, it was stated that the growth forecast for the Chinese economy for this year was reduced from 3.5 percent to 3 percent, and the growth forecast for the next year from 4.8 percent to 4 percent. Amid exceptionally high levels of uncertainty amid policy tightening, fiscal challenges, geopolitical shifts and financial market volatility, global growth will slow in 2023 and remain stagnant in 2024. Still, governments and central banks present challenges to their economies, a period of relative stability until 2024 may emerge.

Gül Demirci

Hello, I am Gul, I write content for Expat Guide Turkey every day. Don't forget to check it out!

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