While the Organization for Economic Cooperation and Development kept its growth forecast for the global economy, which was announced as 3% for 2022 in June, constant, it revised its growth expectation for the Turkish economy from 3.7% to 5.4%.
The “September Interim Economic Outlook Report” of the Organization for Economic Cooperation and Development (OECD) has been published.
The growth forecast for the Turkish economy, which was announced as 3.7% for 2022 in June, was increased to 5.4% in this report.
In the OECD report, the Turkish economy’s growth forecast for the next year was maintained at 3%, while the inflation expectation for 2022 was reduced from 72% to 71%.
The growth forecast for the global economy, which was announced as 3% for 2022 in June, was maintained.
In the report, the growth forecast for the global economy was reduced from 2.8% to 2.2% for 2023.
The organization estimated that next year global economic output will be $2.8 trillion lower than it had been predicted before the Russia-Ukraine war. This figure corresponds to the GDP of the UK economy.
The OECD, which raised its growth forecast for this year from 2.6% to 3.1% for the Eurozone, which is most directly exposed to the effects of the Russia-Ukraine war, on the other hand, reduced its 2022 growth expectation for Germany, the largest economy in the region, from 1.9% to 1.2%. The OECD predicted that the German economy will contract by 0.7% next year.
The organization lowered its 2023 growth forecast for the Eurozone from 1.6% to 0.3%.
Pandemic, war and rising prices
The global economy is paying the price of the Russia-Ukraine war, and growth has slowed more than anticipated a few months ago, the report said.
“As the effects of the COVID-19 pandemic continue on the economy, the war is dragging down growth,” the OECD report said. Above all, it puts additional upward pressure on food and energy prices.”
Emphasizing that high inflation has remained resilient for longer than expected, the report stated that in many economies, inflation was at its highest level since the 1980s in the first half of 2022, and the global economic outlook “darkens” as the latest indicators worsened.
Source: Trthaber / Translated by Irem Yildiz