2/24/2021

Investment Banks Revise Outlook for Turkish Economy

​​The Turkish government’s timely actions and fiscal policies paid off well as the pandemic wanes, with various investment banks revising up their estimations for Turkey’s economy.

JP Morgan, a US-based multinational banking and financial services company, revised its estimate for Turkey's economic growth for 2020 from 1.1 percent to 1.9 percent and for 2021 from 3.3 percent to 4.6 percent, thanks to high domestic demand and rising contribution from net exports.

Meanwhile, HSBC, a British multinational banking and financial institution, upgraded its projection of Turkey’s GDP to have expanded 2 percent in 2020, going up as opposed to the estimation of 1 percent in a previous report. HSBC said a 4.2 expansion is projected for 2021, uplifting its previous estimation of 2.1 percent. 

Moody's similarly revised upwards its GDP forecasts for Turkey to 1.1% from -5% in 2020, to 4% from 3.5% in 2021 and to 5% from 4% in 2022.

Another multinational investment bank Goldman Sachs also​ revised its estimation of 2021 from 4 percent to 6 percent in a report released in February. 

Finally, Bank of America raised its projection of 4.1 percent to 4.6 percent for Turkey’s GDP in 2021.
​​​​Image from the Investment Office Event with the Investment Promotion Agency of Qatar
Turkey; GDP; outlook; JP Morgan; HSBC; Bank of America; Goldman Sachs