International credit ratings agency Moody's on Tuesday upgraded Turkey's economic growth forecast for 2021 from 5% to 6%, APA reports citing Anadolu.
In its Global Macro Outlook 2021-22 report, Moody’s also revised the growth expectation of the Turkish economy for 2022 from 3.5% to 3.6%.
It noted that a recovery in the tourism sector supported the growth in the Turkish economy thanks to the ongoing global economic recovery and progress in COVID-19 vaccination.
G20 economies meanwhile are expected to grow by 6.2% in 2021 and 4.5% in 2022, according to the Moody’s report.
It added that the developed economies of the G20 are expected to grow by 5.6% in 2021 and 4.2% in 2022.
Developing economies are expected to grow by 7.2% this year, and the growth performance of these countries will decrease to 5.1% in 2022, according to the report.
The report also expects the inflation rate to remain high in 2021 for most G20 economies and to decrease in 2022.