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OECD raises Turkey 2022 growth forecast

OECD raises Turkey 2022 growth forecast

The Organization for Economic Cooperation and Development (OECD) raised its growth forecast for the Turkish economy from 3.7 percent to 5.4 percent.

The September “Interim Economic Outlook Report” of the OECD has been published.

The global economy is paying the price for the Russia-Ukraine war, and growth has slowed more than predicted a few months ago, the report noted.

In the OECD report, “The effects of the new type of coronavirus Covid-19 pandemic on the economy continue, while the war is dragging down growth. Above all, it puts October upward pressure on food and energy prices., ” the statement said.

High inflation for a long time remains resilient than expected, ” the report, in many economies, inflation in the first half of 2022, the highest level since the 1980s, and the last indicators of worsening global economic outlook “dark,” the report stated.

The OECD said more rate hikes are needed to combat inflation, predicting that policy rates by the majority of major central banks will exceed 4 percent next year.

In the report, which included the OECD’s economic growth forecasts for 2022 and 2023, the growth forecast for the global economy, announced in June as 3 percent for 2022, was maintained.

The growth forecast for the global economy was lowered from 2.8 percent to 2.2 percent for 2023.

The organization estimated that global economic output next year will be $ 2.8 trillion lower than its estimate before the Russian-Ukrainian war. The figure in question corresponds to the GDP of the UK economy.

The growth forecast for the Turkish economy, announced as 3.7 percent for 2022 in June, was increased to 5.4 percent in the report published today.

In the OECD report, the growth forecast of the Turkish economy for the next year was maintained at 3 percent, while the inflation expectation for 2022 was lowered from 72 percent to 71 percent.

The OECD raised its growth forecast for the Eurozone, which is most directly exposed to the effects of the Russia-Ukraine war, from 2.6 percent to 3.1 percent for this year, and lowered its growth expectation for the region’s largest economy, Germany, from 1.9 percent to 1.2 percent in 2022. The OECD has predicted that the German economy will contract by 0.7 percent next year.

The organization lowered its 2023 growth forecast for the Euro Zone from 1.6 percent to 0.3 percent.

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