Standard & Poor's boosts Türkiye's 2023 growth forecast to 3.5%

In its recently released "Economic Outlook Emerging Markets" report, S&P made several notable predictions, including an increase in Türkiye's growth prospects for 2023 and 2024.

S&P's latest assessment reveals that Türkiye's economy is expected to grow by 3.5 percent in 2023, representing an upward revision from previous estimates. Additionally, the agency raised its growth forecast for 2024 to 2.3 percent, indicating continued positive momentum in the country's economic development.

One of the key findings in S&P's report is its inflation projections for Türkiye. The agency anticipates that annual inflation will be 53 percent in 2023, highlighting the challenges the country faces in controlling rising prices. However, there is optimism in the outlook, as S&P foresees a gradual decline in inflation rates over the following years, with projections of 48.1 percent in 2024, 29.5 percent in 2025, and 18 percent in 2026.

Investors and financial markets are eagerly awaiting S&P's upcoming rating assessment for Türkiye, scheduled for release this Friday. The agency's evaluation will provide valuable insights into Türkiye's creditworthiness and its economic stability, which will undoubtedly influence investment decisions and financial market sentiments.

As Türkiye continues to navigate economic challenges and recovery efforts, S&P's updated forecasts and forthcoming rating assessment will be closely watched by stakeholders both within and outside the country. (ILKHA)