WB has increased forecast of economic growth in Turkey

The World Bank (WB) increased the forecast of Turkey’s economic growth from 2.7 to 3.2 percent in 2023. This is evidenced by the June report of the World Bank “Global Economic Prospects”.

The report predicts that the Turkish economy will grow by 3.2 percent this year, by 4.3 percent – in 2024 and 4.1 percent in 2025.

In its January report, the World Bank predicted that Turkey’s economy will grow by 2.7 percent in 2023 and 4 percent in 2024.

The bank reminded that Turkey in early February shocked two powerful earthquakes, direct losses from which are estimated at 4 percent of the 2021 GDP.

Material costs associated with salvation and restoration can be twice as high, noted in the World Bank.

At the same time, the bank predicts that the support of the recovery will contribute to investment.

In addition, the report attracted attention to the uncertainty of the development of macroeconomic policy against the background of high inflation.

However, contrary to all these obstacles, Turkey continued to make a significant contribution to the growth of the region of Europe and Central Asia, and its economy remained stable in the first quarter of 2023, the report said.