World Bank raises Turkey’s Growth Forecast
The World Bank has raised Turkey’s economic growth projections for the next three years, according to its Global Economic Prospects report published yesterday (Sunday).
Turkey’s economy is now expected to expand 3.5% in 2017, up from an estimate of 3% in January – these revised figures come in the wake of ”abating uncertainty, a recovery in the tourism sector and the mending of corporate balance sheets,” the Bank said.
The Bank said the upward revision is also partially due to a reassessment of potential growth and signs of less severe effects of last year’s failed coup.
At the same time the Bank predicts that Global economy (as a whole) will grow by 2.7% in 2017.
”Global economic growth will strengthen to 2.7% in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow growth to resume in commodity-exporting emerging markets and developing economies”, the bank said.
Growth in the world’s seven largest emerging market economies (including Turkey) is forecast to increase and exceed its long-term average by 2018.
“Recovering activity in these economies should have significant positive effects for growth in both emerging and developing economies as well as globally,” the Bank added.