The Organization for Economic Cooperation and Development raised its forecast for the growth of the Turkish economy for 2022 from 3.7 percent to 5.4 percent.
This came in the organization’s interim economic outlook report for the month of September, which was released on Monday.
The organization expected that the Turkish economy will achieve a growth of 3 percent next year, while the inflation rate will stabilize during 2022 at the level of 71 percent.
The report indicated that the global economy is paying the price for the Russian-Ukrainian war and that growth has slowed more than expected a few months ago.
The report pointed to the continuing effects of the Corona pandemic on the economy, noting at the same time that the Ukraine war leads to a decline in growth and creates upward pressure on food and energy prices.
The report pointed to the need for further interest rate hikes to combat inflation and expected interest rates at most major central banks to exceed 4 percent next year.
Regarding the organization’s expectations for the growth of the global economy, the report indicated that the global economy is likely to achieve a growth of 2.2 percent during 2023.