OECD Raised Its Growth Forecast for Turkey

OECD raised its growth forecast for Turkey. The OECD predicted that Turkey will grow 5.9 percent in 2021.

The OECD (Economic Cooperation and Development Organization) made some revisions in its 2021-2022 growth expectations for global and regional economies. While the OECD raised its 4.2 percent growth forecast for the world economy in 2021 to 5.6 percent; For 2022, it increased from 3.7 percent to 4 percent. The agency revised its 2021 growth forecast for Turkey upwards. Expecting a growth of 2.9 percent for 2021, the OECD raised this forecast to 5.9 percent. For 2022, the agency made a limited downward revision and lowered its growth forecast from 3.2 percent to 3.0 percent. The institution, which made a double correction in its forecast for the USA, increased the growth rate of 3.2 percent for 2021 to 6.5 percent. It reduced its 2021 growth expectation for China from 8 percent to 7.8 percent. OECD raised its 2021 growth forecast for the UK from 4.2 percent to 5.1 percent. Decreasing its 2021 growth forecast for France from 6 percent to 5.9 percent, the institution increased its growth forecast for 2022 from 3.3 percent to 3.8 percent. For Germany, the growth rate estimated as 2.8 percent in 2021 is 3.0 percent; The growth forecast for 2022, which was 3.3 percent, was revised to 3.7 percent. The growth forecast for the Eurozone for 2021 was 3.9 percent, while the previous forecast was 3.6 percent. In 2022, the growth expectation, which was 3.3 percent, was revised to 3.8 percent.