Fitch Raised up Turkey's
Growth Forecast for June 2022

International credit rating agency Fitch Ratings raised its growth expectation for Turkey, Brazil, South Africa and Poland this year.

Fitch raised its growth forecast for 2022 from 2.4% to 4.5%. Thus, the forecast experienced an increase of 87.5%.

Following the stronger-than-expected 2022 first quarter Growth data, Fitch Ratings raised its growth forecasts for the whole of 2022 for Turkey, Brazil, South Africa and Poland.

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 2022.

The world economic outlook Report has published by Fitch regarding the June 2022 issues.

While reducing the 2022 growth forecast for the global economy from 3.5% to 2.9%, reflecting the weak outlook in China and developed economies, it increased its 2022 growth forecast for Turkey from 2.4% to 4.5%.

Despite the 1.3% contraction expectation in the first quarter, which caused the 2022 growth forecast to be revised upwards, Fitch, which showed the Turkish economy to grow by 1.2% with the effect of the increase in net trade, revised its 2023 GDP growth forecast for Turkey downwards.

Fitch, which reduced its 2022 growth forecast for the global economy by 0.6 points to 2.9%t compared to the forecast made in the March 2022 Global Economic Outlook report, made the biggest revision in its growth forecasts for China.

hey reduced their 2022 growth forecast for the Chinese economy from 4.8% to 3.7%. Fitch, which lowered its growth expectation for the US economy from 3.5%t to 2.9%, also lowered its growth forecast for the Eurozone from 3.0%t to 2.6%.

Fitch revised its 2023 growth forecast for the global economy from 2.7% to 2.6%.

Fitch, which maintains its 2022 growth forecast for emerging economies excluding China as 2.5%, raised its growth expectation for Brazil from 0.5% to 1.4%, and from 1.7% to 2.3% for South Africa. and increased it from 3.3% to 5.2% for Poland. It lowered its forecast for India from 8.5% to 7.8%.