OECD announces growth forecast for Turkish economy

In OECD's 3rd Quarter Global Outlook Report, Turkey's growth forecast for 2022 was revised from 5.4 percent to 5.3 percent, while 2023 growth forecast was kept constant at 3 percent. It has been reported that the Turkish economy is expected to grow by 3.4 percent in 2024.

Regarding the Turkish economy in the report, “Fiscal policy will continue to be supportive throughout the projection period with support measures for energy consumers and the state's ambitious social housing projects.” statement was included.

In the OECD report, OECD countries reported a rather weak growth of 0.4 percent in the third quarter of this year compared to the previous quarter.

In the report, the growth of the majority of the countries within the G7 countries slowed down in the third quarter of this year compared to the previous quarter, while the USA was 0.6%, Germany was 0.3%, Italy 0.5%, Canada 0%. It was reminded that ,4 and France recorded a growth of 0,2 percent.

In the OECD report, it was stated that the Japanese economy contracted by 0.3 percent in the third quarter of this year, while the British economy contracted by 0.2 percent compared to the previous quarter.

In the report, which also evaluated the growth performance of economies close to Ukraine, where the war continues, it was stated that the Polish economy, which contracted by 2.4 percent in the second quarter of this year, recovered with a growth of 0.9 percent in the third quarter.

It was stated in the report that the strongest growth in the third quarter of this year compared to the previous quarter was seen in Mexico with 1.8 percent, Colombia with 1.6 percent, and Norway with 1.5 percent among OECD countries whose data were disclosed in the report.

Global growth forecast for 2022 revised upwards

The OECD raised its global growth forecast for the end of this year from 3.0 percent to 3.1 percent, while keeping it constant at 2.2 percent for next year.

While the global economy is expected to grow by 2.7 percent in 2024, OECD countries are expected to grow by 2.8 percent at the end of this year, 0.8 percent in 2023 and 1.4 percent in 2024.

While the US economy's growth forecast for this year was increased from 1.5 percent to 1.8 percent, it was predicted that the country's economy would grow by 0.5 percent in 2023 and 1 percent in 2024.

In the OECD report, the Eurozone's growth forecast for this year was raised from 3.1 percent to 3.3 percent. The Eurozone, whose growth forecast for 2023 was revised from 0.3 percent to 0.5 percent, is estimated to grow by 1.4 percent in 2024.

While the growth forecast of the Chinese economy for this year was increased from 3.2 percent to 3.3 percent, the growth forecast for the next year was reduced from 4.7 percent to 4.6 percent. The Chinese economy is expected to grow by 4.1 percent in 2024.