The World Bank Raised Turkey's 2021 Growth Forecast!

The World Bank increased its 2021 growth forecast for the Turkish economy to 5 percent.

The World Bank raised Turkey's 2021 growth forecast. The bank revised its growth forecast for the Turkish economy from 4.5 to 5 percent. In the statement made by the World Bank, it was stated that the estimates regarding the economies of Europe and Central Asia were changed. Noting that the recovery in exports and the balancing of industrial commodity prices relatively compensated the effects of the coronavirus epidemic, which mutated and accelerated its spread again at the end of 2020, it was stated that the emerging and developing economies in Europe and Central Asia are estimated to grow by 3.6 percent in 2021. Within the scope of the change for the economies of the European and Central Asia region, the growth forecast for the Turkish economy was also increased. The Turkish economy, which was previously predicted to grow by 0.5 percent in 2020, was predicted to have grown by 1.8 percent last year. The 2021 growth forecast for the Turkish economy was increased from 4.5 percent to 5 percent. The bank, which published its Global Economic Prospects Report in January, reduced its 2021 growth expectation for Turkey from 5 percent to 4.5 percent. Thus, the World Bank announced its 2021 expectation for the Turkish economy as 5 again. The 2022 forecast for the growth performance of the Turkish economy was reduced from 5 percent to 4.5 percent. It was estimated that the Turkish economy will grow by 4.5 percent.