OECD Turkey Raised Its Growth Forecast

OECD Turkey raised its growth forecast. The OECD revised its growth forecast to 8.4 percent.

The Organization for Economic Cooperation and Development (OECD), in its interim economic outlook report, raised its 2021 growth forecast from 5.7 percent to 8.4 percent. The agency raised its year-end headline inflation forecast from 16 percent to 17.8 percent. Lowering its growth forecast for 2022 from 3.4 percent to 3.1 percent, the OECD Turkey also increased its 2022 inflation expectation from 12.8 percent to 15.7 percent. The Organization for Economic Co-operation and Development (OECD) announced that a rapid recovery in global economic growth is expected, but it is too early to stop the extraordinary measures to support the economy, which have been launched around the world despite the sharp rise in inflation. The OECD predicted that the world economy will grow by 5.7 percent this year after the 3.4 percent contraction last year, which was the most severe period of the Covid-19 crisis. Thus, the OECD lowered its previous growth forecast by 0.1 points. In its outlook report on the global economy, the OECD advised central banks to keep their monetary policies loose, but to show an open stance on how much they can ignore the increase in inflation.