Moody's expects 2.5% growth for Turkey's economy in 2024

5 March, 2024 by

International credit rating agency Moody's has reported in the February issue of its global macroeconomic outlook 2023-2024 report that the economic growth of G-20 countries will stabilize at slightly lower levels this year, according to media reports. 

The agency has revised its growth forecasts upward for the US, India, Russia and the overall G20 economies for this year, while it has lowered its expectations for the euro zone, Germany, Saudi Arabia and Argentina. Moody's anticipates that gross domestic product growth for G-20 countries to be 2.4 percent this year and 2.6 percent next year, compared to the 2.9 percent growth recorded last year. Meanwhile, the agency's economic growth forecast for Turkey, which was 4.5 percent for 2023, stands at 2.5 percent for 2024 and three percent for 2025. 

Stating that the global economy has transitioned to post-pandemic equilibrium with the steady normalization of economic activities in developed and developing markets, the report noted that a soft decline seems possible for many developed economies due to positive factors such as effective policy changes and improving supply-demand balances. In addition, emphasizing that macroeconomic risks have decreased compared to last year, Moody's stated that geopolitical risks and inflation continue to be potential threats.

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