Fitch Ratings raised its 2022 growth forecast for Turkey’s economy from 4.5% to 5.2%.
In a World Economic Outlook entitled “Supply and Inflation Shocks Hit Global Economy Hard”, Fitch explained that the Turkish economy posted “significant growth” in the second quarter of this year, driven by rising exports and consumption.
The report added that Turkey’s economy is expected to grow by 5.2% this year and 2.9% in 2023 and 2024.
Unlike Turkey, the International Agency lowered its forecast for world economic growth this year from 2.9% to 2.4%.
The report notes that the gas crisis in Europe, high inflation and a sharp acceleration in global monetary tightening have dealt a severe blow to the economic outlook.
For the Eurozone and UK economies, the International Agency expected a recession to start later this year, while a moderate recession is expected in the United States in mid-2023.
The report lowered its forecast for US economic growth this year to 1.7% from 2.9% and from 1.5% to 0.5% for 2023.
In terms of eurozone economic growth, Fitch had expected growth to pick up from 2.6 percent to 2.9 percent this year, before falling from 2.1 percent to 0.1 percent in 2023.
And Fitch lowered its growth forecast for the Chinese economy for the current year from 3.7 percent to 2.8 percent, and for 2023 from 5.3 percent to 4.5 percent.