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Moody’s raises Turkey's growth forecast

01 September 2021 11:05 (UTC +04:00)

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.