IMF raises growth forecast for Türkiye to 5%

The IMF released the October issue of the World Economic Outlook Report titled “Combating the Livelihood Crisis” on Tuesday.

The IMF maintained its global economic growth expectation for this year as 3.2% while lowering its forecast for 2023 from 2.9% to 2.7%.

“Our global growth forecast for this year is unchanged at 3.2 percent, while our projection for next year is lowered to 2.7 percent—0.2 percentage points lower than the July forecast,” the IMF said.

In the report, the IMF shared the updated growth forecasts of the countries, noting that the 2023 slowdown will be broad-based, with countries accounting for about one-third of the global economy poised to contract this year or next.

“The three largest economies, the United States, China, and the euro area will continue to stall,” the report said.

The report estimated that the Turkish economy would grow by 5% this year and 3% next year.

In the report published in July, the IMF predicted that the Turkish economy would grow by 4% in 2022 and 3.5% in 2023.

In the report, while the 2022 annual inflation expectation for Türkiye is 73.1%, it is estimated that the inflation will decrease to 51.2%in 2023.​​​ (ILKHA)