Moody’s raises its forecast for the growth of Turkey’s economy

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The international credit rating agency “Moody’s” raised its expectations for the growth of the Turkish economy for the current year (2023) from 2 to 2.3 percent.

This came according to a report on global economic outlook published by “Moody’s” on Wednesday.

The agency also raised its expectations regarding the growth of the Turkish economy for the year 2024 from 3 to 4 percent, taking into account the effects of reconstruction activities in the areas destroyed by the Kahramanmaraş earthquake.

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The report predicted that global economic growth will continue to slow in 2023, with the impact of tightening monetary policy on economic activity and employment in most major economies.

The agency lowered its forecast for the growth of the economies of the G20 countries for this year from 2.7 to 2 percent, and raised its expectations for next year from 2 to 2.4 percent.

The agency raised its forecasts for the growth of the economies of the United States, Germany, France, Italy, Canada, China, India, Mexico, Russia, Turkey and Saudi Arabia in 2023, while it lowered its forecasts for growth in Argentina, South Africa and South Korea.

For the next year 2024, the agency revised its expectations positively for the growth of the economies of China, Turkey and Saudi Arabia, while reducing its expectations for the growth of the economies of France, Italy and South Africa.