This revision follows a similar adjustment in May when the agency raised its forecast from 2% to 3%.

The report attributes this upward revision to the stronger-than-expected economic performance in the first half of 2023, not only in Türkiye but also in several other countries.

Moody's acknowledged Türkiye's resilience in its economic activities, which contributed to the improved outlook.

Despite the optimistic growth projections, Moody's cautioned that tight financial conditions are expected to persist globally throughout the next year. The report stated that these conditions may act as a restraint on global economic growth.

Moody's revisions suggest a more positive outlook for Türkiye's economic prospects in 2023, but global uncertainties and financial constraints remain challenges that could impact the country's growth trajectory. (ILKHA)