World Bank Lowered Growth Expectation For Turkey in 2021

World Bank Lowered Growth Expectation For Turkey in 2021 The World Bank has lowered its growth expectation for Turkey in 2021. Accordingly, the expectation fell from 5 percent to 4.5 percent. The organization decided to lower its 2021 forecast due to the rapid increase in the number of cases in the coronavirus epidemic, the weaker than expected tourism and the effect of tighter monetary policy on the recovery. The World Bank published its "Global Economic Prospects" report. In this report, it lowered its 2021 growth forecast for Turkey to 4.5 percent level. The organization's estimate was recorded as 5 percent in the previous report. The bank explained the reason for its reduction in the 2021 forecast as the rapid rise in coronavirus cases, below the expected level in tourism and the effect of tighter monetary policy on the recovery. Organization predicted a 4.5 percent increase in Turkey's economy, with the recovery in domestic and the increase in foreign demand in 2021. The World Bank predicted a 0.5 percent growth in 2020 and announced the 2022 forecast as 5 percent. Previously, a 3.8 percent reduction was envisaged in 2020.   Global Growth Could Be 4 Percent In 2021 In the report, which shows that the global economic growth expected this year after the crisis caused by the coronavirus epidemic last year was realized 5 percent below the pre-epidemic predictions, it was stated that the impact of the epidemic on investment and human capital is predicted to erode growth forecasts in emerging markets and developing economies. The report also noted that a worldwide recovery is expected to be strengthened by the gradual improvement in confidence, consumption and trade, supported by continued vaccination.