Moody's revises up Turkish economic growth forecast to 4.2%, from 2.6%, for 2023

By Ovunc Kutlu

ISTANBUL (AA) - Moody's revised Turkish economic growth forecast to 4.2%, from 2.6%, for 2023, according to its Global Macro Outlook 2023-24 August update report released Thursday.

The global rating agency also made an upward revision to its Turkish economic growth forecast for 2023 to 3%, from 2% estimated in a May report.

"Economic activity in the first half of 2023 outpaced our expectations in multiple countries," said the report, which listed Türkiye among the countries.

The agency, however, noted that it expects tight financial conditions to persist throughout the next year, "tapping brakes on global growth."

Real gross domestic product (GDP) growth for the G-20 is estimated to slow to 2.5% in 2023 and 2.1% in 2024, from 2.7% in 2022.