European Union Revised
its Growth Forecast for Turkey

The European Union raised its growth expectations for Turkey from 5.2% to 9% in the European Economic Forecast 2021 fall season report.

The European Union (EU) Commission increased the 2021 growth forecast for the Turkish economy from 5.2% to 9%.

The EU Commission has published the "European Economic Forecasts 2021 fall season report.

In the report titled "From recovery to expansion", it is predicted that the EU economy will grow by 5% in 2021, 4.3% in 2022 and 2.5% in 2023.

In the report, it is estimated that the Eurozone economy will grow by 5% in 2021, 4.3% in 2022, and 2.4% in 2023.

In the 2020 "summer" report of the European Commission, it was estimated that the EU and Eurozone economy would grow by 4.8% in 2021 and 4.5% in 2022.

In the fall report, it was estimated that in 2021, Germany grows by 2.7%, France by 6.5%, Italy by 6.2%, Spain by4.6%, the Netherlands by 4%, Belgium by 6%, Greece by 7.1% and Ireland by 14.6%.

In the report estimated that the unemployment rate will be 7.1% in the EU this year and 7.9% in the Euro Zone, this rate is 15.3% in Greece, 15.2% in Spain, 9.8% in Italy and France. It was recorded that it would be 8% in Turkey and 3.6% in Germany.

In the report, the inflation rate is predicted to be 2.6% in the EU and 2.4% in the Euro Zone this year, while the ratio of the budget deficit to the Gross Domestic Product is 11.1% in Malta, 9% in Greece, 9, 9.4% in Italy, 8.1% in France and Spain, and 6.5% in Germany this year.

Growth Forecast for Turkey Revised Upward

Reminding that the Turkish economy grew by 1.8% in 2020 despite the new type of Covid-19, it was predicted that Turkey would grow by 9% in 2021, 4% in 2022 and 2023.

In the previous report, which included forecasts for Turkey, it was estimated that the Turkish economy would grow by 5.2% in 2021. Now the growth forecast for Turkey was revised upward to 9%.