World Bank Revised Its Growth Forecast For Turkey

The World Bank revised its growth forecast for Turkey. The bank updated its forecast upwards.

While the World Bank updated its growth forecast for the global economy in 2021 to 5.6 percent, it increased its growth forecast for Turkey by 0.5 percentage points to 5 percent. Stating that the global output rate will be 2 percent lower than the pre-epidemic levels despite the economic recovery signals, the bank stated that per capita incomes will not return to their previous levels in 2022. World Bank Group President David Malpass stated that global cooperation and debt relief are vital for low-income countries and said: "As the global economy opens up, the epidemic continues to create poverty and inequality for people in developing countries." World Bank, which expected the global economy to grow by 4.1 percent in 2021 in its report in January, increased this rate by 1.5 points to 5.6 percent, while increasing its growth forecast for 2022 by 0.5 points to 3.1 percent. The World Bank increased its 2021 growth forecast for the US economy by 2.1 points to 5.4 percent, updated its growth forecast for China by 0.6 points to 8.5 percent.