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OECD expects the Turkish economy to grow by 5.3% by the end of this year

The Organization for Economic Cooperation and Development (OECD) reported that the Turkish economy is expected to grow by 5.3% at the end of this year and by 3% next year. On the other hand, OECD raised its global growth forecast for the end of this year from 3.0% to 3.1%, while keeping it constant at 2.2% for next year.

In OECD’s 3rd Quarter Global Outlook Report, Turkiye’s growth forecast for 2022 was revised from 5.4% to 5.3%, while 2023 growth forecast was kept constant at 3%. It is reported that the Turkish economy is expected to grow by 3.4% in 2024.

Regarding the Turkish economy in the report, “Fiscal policy will continue to be supportive throughout the projection period with support measures for energy consumers and the state’s ambitious social housing projects.”

In the OECD report, OECD countries reported a rather weak growth of 0.4% in the third quarter of this year compared to the previous quarter.

In the report, in the third quarter of this year, it was reminded that the growth of the majority of the countries within the G7 slowed down compared to the previous quarter, and the USA grew by 0.6%, Germany by 0.3%, Italy by 0.5%, Canada by 0.4% and France by 0.2%.

In the OECD report, it was stated that the Japanese economy contracted by 0.3% in the third quarter of this year, while the British economy contracted by 0.2% compared to the previous quarter.

In the report, which also evaluated the growth performance of the economies close to Ukraine, where the war continues, it was stated that the Polish economy, which contracted by 2.4% in the second quarter of this year, recovered with a growth of 0.9% in the third quarter.

It was stated in the report that the strongest growth in the third quarter of this year compared to the previous quarter was seen in Mexico with 1.8%, Colombia with 1.6%, and Norway with 1.5% among OECD countries whose data were disclosed in the report.

THE GLOBAL GROWTH ESTIMATE HAS BEEN REVISED UPWARD FOR 2022

The OECD raised its global growth forecast for the end of this year from 3.0% to 3.1%, while keeping it constant at 2.2% for next year.

While the global economy is expected to grow by 2.7% in 2024, OECD countries are expected to grow by 2.8% at the end of this year, 0.8% in 2023 and 1.4% in 2024.

While the US economy’s growth forecast for this year was increased from 1.5% to 1.8%, it was predicted that the country’s economy would grow by 0.5% in 2023 and 1% in 2024.

In the OECD report, the Eurozone’s growth forecast for this year was raised from 3.1% to 3.3%. The Eurozone, whose growth forecast for 2023 was revised from 0.3% to 0.5%, is estimated to grow by 1.4% in 2024.

While the growth forecast of the Chinese economy for this year was increased from 3.2% to 3.3%, the growth forecast for the next year was reduced from 4.7% to 4.6%. The Chinese economy is expected to grow by 4.1% in 2024.

Source: Sabah / Translated by Irem Yildiz

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