Moody's Türkiye raises growth forecast

The international credit rating agency Moody's has raised its growth forecasts for many G20 economies, including Turkey. Moody's raised its growth forecast for the Turkish economy for this year from 2 percent to 2.3 percent. The international credit rating agency Moody's has revised upward its growth forecasts for many G20 economies, including Turkey. Significantly raising its 2023 real growth projections for the US, Canada, the Eurozone, Russia, India, Mexico, and Turkey, Moody's increased its growth forecasts for China from 4.0 percent to 5.0 percent for 2023 and 2024. Moody's increased its 2023 and 2024 GDP forecasts for Turkey from the previously announced 2.0 and 3.0 percent to 2.3 and 4.0 percent, respectively, and took into account the new economic activity that will emerge with the reconstruction in the regions devastated by the earthquake in the upward revision of its growth forecasts for Turkey. "The pace of new economic activity that reconstruction will generate each year and how resources will be allocated are among the unknowns. This will depend on the magnitude of fiscal and monetary policy support. We will continue to monitor developments in Turkey, and the economic outlook will remain uncertain in the coming months," Moody's said in its assessment.