|Monday, December 6, 2021
A number of influential international institutions have revised their forecasts for the growth of the Turkish economy in 2021, after achieving .
International institutions adjust their expectations "positively" for the growth of the Turkish economy
A number of influential international institutions have revised their forecasts for the growth of the Turkish economy in 2021, after achieving a record growth of 7.4 percent during the third quarter of 2021, according to Anadolu Agency.
And the Turkish Statistical Office revealed that the country's gross domestic product grew by 21.7 percent on an annual basis, during the second quarter of 2021, despite the negative effects of the Corona pandemic.
The Turkish economy achieved 7.2 percent growth in the first quarter of this year, continuing to rise in the second quarter to the highest declared growth rate since 1999.
Thus, Turkey ranked second, after Britain, among the most developed countries of the Organization for Economic Cooperation and Development during the second quarter of 2021.
The leading international institutions in economics and finance began adjusting their expectations for the Turkish economy, whose performance accelerated with the continuous global economic recovery and progress in vaccination operations against Corona.
In this article, we will learn about the most important agencies and organizations that expected the growth of the Turkish economy positively
Moody's raises its expectations for Turkey's economic growth
The first change came from the international credit rating agency, Moody's, which revised its forecast for Turkey's economic growth from 9.2% to 11% for the current year.
In a statement issued by Moody's, Turkey's long-term credit rating in both local and foreign currency was confirmed.
In the statement, Turkey's credit rating was indicated as "B2", while the outlook was maintained as "negative".
In a Moody's statement, it stated that Turkey's main external vulnerability risk had been reduced by a lower current account deficit, which supports the gradual restructuring of foreign exchange reserves on a gross and net basis, regardless of the current pressure on the Turkish lira.
The statement said that Turkey's private sector has shown relative resilience in the face of currency fluctuations, and that Turkey's public finances are expected to remain relatively strong.
In the statement, he stated that exports, rather than domestic demand, are likely to contribute more strongly to growth in 2022 by taking advantage of the depreciation of the Turkish lira.
Noting that Turkey has a large and diversified economy, the statement said the country's economy is expected to grow by 11 percent this year and by 4 percent in 2022.
Fitch raises Turkey's economic growth expectations to 10.5%
The international credit rating agency, Fitch, raised its forecast for Turkey's economic growth this year from 9.2% to 10.5%.
This came according to a statement issued, Thursday, by the International Agency, in which it reviewed assessments regarding the Turkish economy.
The statement stated that in the year 2020, which witnessed the outbreak of the new Corona virus (Covid-19) in Turkey and the country was affected as a result, the gross domestic product increased by 1.8 percent.
He added, "It is expected that the country's economy will grow by 10.5% in 2021," instead of the 9.2% that the agency itself had announced last September.
The agency also raised its forecast for the growth of the Turkish economy during the next year 2022 from 3.5% to 3.6%.
The agency maintained Turkey's credit rating at "BB-" and changed its outlook for the country from "stable" to "negative".
The statement indicated that Turkey's economic growth is strong compared to its peers, but the country's per capita income has been declining since 2013 in dollar terms.
Standard & Poor's raises its expectations for the growth of the Turkish economy
Standard & Poor's, the credit rating agency, raised its forecast for the growth of the Turkish economy for the years 2021 and 2022.
This was stated in the Emerging Markets Report for Europe, the Middle East and Africa, which was published by the agency on Wednesday.
The report raised its forecast for the growth of the Turkish economy this year by 1.2 points to 9.8 percent, while it increased its forecast for growth in 2022 by 0.4 points to 3.7 percent.
The agency raised Russia's economic growth forecast for this year by 0.2 point to 4.2 percent, and by 0.1 point to 2.7 percent for 2022.
The report stated that high inflation in emerging markets and uncertainty resulting from the Corona pandemic may carry risks in slowing economic growth.
The report pointed out that, as of the third quarter of this year, all emerging markets in Europe were able to record economic growth while emerging from the effects of the pandemic.
Last September, Standard & Poor's agency expected the Turkish economy to grow by 8.6 percent for 2021.
OECD raises its expectations for the growth of the Turkish economy
The Organization for Economic Cooperation and Development (OECD) announced, on Wednesday, that it raised its forecast for Turkish economic growth to 9 percent by the end of 2021.
In a report on global economic data, the organization added that it had raised its expectations for Turkish economic growth, after it had expected a growth of 8.4 percent by the end of this year.
The international organization also revised its forecast for the growth of the Turkish economy over the next year, raising it from 3.1 to 3.3 percent, while it expected a growth of 3.9 percent during the year 2023.
Last September, the "Economic Cooperation and Development" expected Turkey's economy to grow by 8.4 percent by the end of this year, before adjusting it in its report issued today to raise it to 9 percent.
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