IMF Upgrades Turkey’s Growth Forecast

The International Monetary Fund (IMF) has raised Turkey’s growth forecast for 2024 to 3.1 percent. This increase is in line with the IMF’s global growth forecast, which also stands at 3.1 percent for the same year.

The IMF cited the resilience of major developed and emerging market economies around the world as the reason for the upward revision in growth forecasts. Turkey’s growth forecast has been raised from 3 to 3.1 percent for 2024, with an expectation of further growth to 3.2 percent in the following year.

In addition to Turkey, the IMF also announced growth expectations for other major economies. The U.S. economy is projected to grow by 2.1 percent in 2024, slightly down from the 2.5 percent projected for 2023. Meanwhile, the growth forecast for China has been increased from 4.2 percent to 4.6 percent for 2024. The IMF also raised growth expectations for India, Russia, Iran, and Brazil for the next year.

The IMF’s general inflation outlook for 2024 remains unchanged at 5.8 percent. However, there are variations in the inflation rates between developed and developing economies, with the former expected to experience a 2.6 percent inflation rate (a decrease from October projections), and the latter expected to experience an 8.1 percent inflation rate (an increase from previous projections).

Overall, the IMF’s updated growth and inflation forecasts signal a positive outlook for the global economy, with several major economies, including Turkey, expected to experience growth in the coming years.

 

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