OECD cuts growth forecast for Turkey

While the Organization for Economic Co-operation and Development (OECD) lowered Turkey’s economic growth forecast for 2023 from 3% to 2.8% in November, its global economic growth forecast was raised from 2.2% to 2. 6%.

While the OECD raised its 2024 growth forecast for the Turkish economy from 3.4% to 3.8%, it also raised its 2024 growth forecast for the global economy from 2.7% to 2.9%.

Although the global economic outlook has improved compared to a few months ago, rising interest rates keep risks to the economic outlook high.

EARTHQUAKE EFFECT

In the OECD report, “We expect activity in Turkey to be constrained in early 2023 by heavy losses from the earthquake, but with spending increasing as reconstruction begins, there will be 2.8 percent annual growth.” percent in 2023 and 3.8 percent. annual growth percentage in 2024” expressions. (Reuters)