Moody’s revises up Turkey's economic growth forecast

* Photo: Anadolu Agency (AA)

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Moody's has revised Turkey's economic growth forecast to 1.1 percent for 2020 from a 5 percent contraction and to 4 percent for 2021 from 3.5 percent. According to a report published yesterday (February 24), the country's rate for 2022 was also revised up from 4 percent to 5 percent.

The Moody's report has noted that the gross domestic product (GDP) is expected to increase in all G20 economies.

"But some countries may take longer than others to return to full capacity," Moody's has noted, adding, "Fiscal and monetary policy response will play an important role in this as well as the management of the pandemic."

G20 countries are expected to grow by 5.3 percent in 2021 and 4.5 percent in 2022 while the rate in the eurozone is estimated to be 3.7 percent this year and 3.9 percent next year, according to Moody's.

On the other hand, the report has pointed out the growth rate in the eurozone contracted around 7.1 percent in 2020.

The eurozone represents member states of the European Union (EU) that use the single currency, namely euro.

The report has also underlined that the United States (US) economy is expected to grow by 4.7 percent in 2021 and 5 percent in 2022. (HA/SD)