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Fitch Raised up Turkey's
Growth Forecast to 9.2% in 2021

International credit rating agency Fitch Ratings raised its growth expectation for Turkey from 7.9% to 9.2% this year.

 

The credit rating agency, in its Global Economic Outlook report, stated that Turkey is going to experience the highest growth in almost the last decade in 2021.

 

Turkey's growth forecast for 2021 was increased to 9.2% was also stated in the report. Fitch enhanced its growth forecast for the country's economy from 6.3% to 7.9% in its evaluations of Turkey on 13 August.

 

The world economic outlook Report has published by Fitch regarding the September issues.

Although the global economy's growth forecast for 2021 was lowered in the report, it was noted that the world economic outlook is expected to grow by 6% this year.

 

Fitch had foreseen that the global economy would grow by 6.3% in its forecast in June 2021.

Also, it was predicted that Turkey's economic growth is going to decrease to 3.5% for 2022 and it will recover to 4.5% for 2023.

 

In the report, it was stated that "The current strong growth rates are accompanied by high and rising inflation".

The agency forecasts that inflation in Turkey will be 17.2% in 2021, 13.4% in 2022, and then 10.5% in 2023.

 

"Inflation, which was 19.3% in August, was quite over the central bank's target and slightly above the policy rate of 19%," the report said.

 

Much of the rise in inflation was driven by prices for goods, particularly food and energy, but services also contributed to the headline rate as the economy reopened."

 

According to Fitch, Turkey was among the countries that also saw increases in GDP growth, such as Poland, Mexico, Russia and South Africa.

 

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