Moody’s raises Turkey's growth forecast

WASHINGTON-Anadolu Agency

International credit ratings agency Moody's on Aug. 31 upgraded Turkey's economic growth forecast for 2021 from 5 percent to 6 percent. 

In its Global Macro Outlook 2021-22 report, Moody’s also revised the growth expectation of the Turkish economy for 2022 from 3.5 percent to 3.6 percent.

It noted that a recovery in the tourism sector supported the growth in the Turkish economy thanks to the ongoing global economic recovery and progress in COVID-19 vaccination.

G20 economies meanwhile are expected to grow by 6.2 percent in 2021 and 4.5 percent in 2022, according to the Moody’s report.

It added that the developed economies of the G20 are expected to grow by 5.6 percent in 2021 and 4.2 percent in 2022.

Developing economies are expected to grow by 7.2 percent this year, and the growth performance of these countries will decrease to 5.1 percent in 2022, according to the report.

The report also expects the inflation rate to remain high in 2021 for most G20 economies and to decrease in 2022.