Türkiye's Growth Forecast Revised Up by International Organizations

​International organizations revised their growth forecasts for Türkiye, indicating positive outlooks for the country's economy. Fitch Ratings, in its Global Economic Outlook September 2023 report, increased its annual growth forecast for Türkiye in 2023 from 2.5 percent to a robust 4.3 percent. The report predicts a growth rate of 3 percent in 2024 and 3.4 percent in 2025. Fitch Ratings highlights the strong growth observed in the second quarter, attributing it to increased consumption, investment, and public spending.

Fitch Ratings also affirmed Türkiye's credit rating at "B" and revised the rating outlook from "negative" to "stable" after two years.

Similarly, Moody's adjusted its growth forecast for Türkiye in 2023, raising it to 4.2 percent from the initial projection of 2.6 percent, as outlined in its Global Macro Outlook 2023-2024 August update report.

Standard & Poor's (S&P) recently revealed in its Economic Outlook Emerging Markets report that Türkiye's economy is expected to grow by 3.5 percent in 2023, which is an increase from earlier projections. Additionally, S&P raised its growth forecast for 2024 to 2.3 percent, indicating continued positive momentum in Türkiye's economic development.

Meanwhile, The European Bank for Reconstruction and Development (EBRD) revised its Türkiye GDP growth forecast to 3.5 percent for 2023 from 2.5 percent and 3 percent for 2024.

The Organization for Economic Co-operation and Development (OECD) also released its latest Interim Economic Outlook, which provides analysis and projections for the global economy and G20 economies. According to the report, Türkiye's GDP is poised to expand by 4.3 percent in 2023 and 2.6 percent in 2024.

In other developments, the World Bank, through its Türkiye Country Director Humberto Lopez, announced plans to increase its exposure to Türkiye. Over the next three years, the World Bank aims to reach a total exposure of USD 35 billion, with USD 18 billion allocated for new operations in addition to the existing exposure of USD 17 billion. The focus of these operations will be on providing direct credits to the government to support the private sector.

Treasury and Finance Minister Mehmet Şimşek expressed appreciation for the World Bank's commitment to Türkiye's economic development. He took to social media platform X to post, "The World Bank's decision to significantly increase its exposure to Türkiye is a further endorsement of our Medium-Term Program. The Bank plans to more than double its funding for Türkiye's public and private sectors to USD 35 billion over the next three years."
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Türkiye; Fitch Ratings; Moody's; Standard & Poor's; European Bank for Reconstruction and Development; Organization for Economic Co-operation and Development; World Bank