JPMorgan Revises Turkey's Growth Forecast Upward

New York-based banking giant JPMorgan revises its 2022 growth expectations for the Turkish economy upwards after the first quarter GDP growth figures of 2022. But announced that it had lowered its 2023 growth forecast.

JPMorgan Revises Turkey's Growth Forecast Upward. New York central banking giant JP Morgan raised its growth forecast for 2022 after Turkey's first quarter growth data. In the JP Morgan Turkey report, it was noted that strong private consumption was effective in the growth of 7.3 percent in the first quarter and said, "Private consumption was the main engine of growth. Net exports, public expenditures and total investments were also the main factors supporting growth. Loose monetary policy will probably continue, but inflation will continue to increase. We think that private consumption and GDP will lose momentum as incomes decrease. It was stated that the 2023 forecast was reduced from 3.9 percent to 3.6 percent due to the strong base effect.       Source: BloombergHT