1/14/2021

OECD and Fitch Ratings Revise Up their Forecasts for Turkish Economy

​​​The Organization for Economic Cooperation and Development (OECD) raised its 2020 growth forecast for Türkiye on January 14, in its “OECD Economic Survey of Türkiye."

Accordingly, OECD revised its 1.3 percent contraction forecast for 2020 to 0.2 percent.

The organization also projected that the Turkish economy will grow 2.6 percent and 3.5 percent in 2021 and 2022 respectively.

“The Turkish economy's recovery from the first wave of the pandemic was strong but faced headwinds," the report stated. “Recent stability-oriented policy measures can enhance domestic and international sentiment and support the recovery," it added.

The report also said that Türkiye managed effectively to control the number of cases in the first wave of the Covid-19 outbreak through strong health infrastructure and targeted restrictions.

Meanwhile, global credit rating agency Fitch Ratings forecasts that Türkiye's GDP growth rate will be 3.5 percent in 2021, with an acceleration in the second half.  The COVID-19 vaccination, easing of restrictions and acceleration of recovery in Europe will support growth in Turkish economy, the agency said. ​

OECD Graphic