S&P Global Shared Its Growth Forecast For Turkey

S&P Global shared its growth forecast for Turkey. The organization decided to revise its forecast upwards.

International credit rating agency S&P Global revised upwards its growth forecast announced for Turkey in June from 6.1 percent to 8.6 percent. The institution, which revised its growth forecast for 2022 to 3.3 percent, kept its 2023 and 2024 forecasts as 3.1 percent. Stating that the better-than-expected tourism season increased the Turkish economy and foreign exchange revenues, S&P revised its policy rate expectation for the end of 2021 from 16.00 percent to 17.00 percent, and revised its 2021 forecast from 12 percent to 13 percent, 2023 and 2024. lowered its forecast for the end of the year from 9.80% to 9.75%. Expecting the average consumer inflation to be 15.2 percent in 2021, S&P predicts the average inflation to be 12.3 percent in 2022. S&P increased its forecast for the unemployment rate for 2021 from 13.0 percent to 17.3 percent for Turkey, and increased its expectation for 2022 from 12.2 percent to 12.0 percent, and its forecast for 2023 from 11.2 percent. to 9.6 and its forecast for 2024 to 9.2 percent from 11.0 percent. Estimating that the USD/TL exchange rate will be 8.70 at the end of 2021, S&P set its 2022 exchange rate forecast as 8.84, its forecast for 2023 as 9.11 and for 2024 as 9.50.