EBRD lowers Türkiye growth forecast

The EBRD has lowered its growth forecast for Turkey this year from 3 percent to 2.5 percent. The European Bank for Reconstruction and Development (EBRD) has lowered its economic growth forecast for Turkey from 3 percent to 2.5 percent due to the effects of the earthquake in February on the economy and the anticipated tightening in credit conditions. The EBRD kept its growth forecast for 2024 at 3 percent. The EBRD, which operates in a wide geography consisting of developing European countries, Central Asia and North Africa, updated the macroeconomic forecasts it published in February for countries in the region. EBRD Chief Economist Beata Javorcik stated that regardless of who wins the elections in Turkey, credit conditions are expected to tighten.