S&P Global Ratings has shared its economic forecasts for Turkey for the 2025–2028 period, including projections for growth, inflation, policy interest rates, and the USD/TRY exchange rate. The agency expects the Turkish economy to grow by 2.7% in 2025, with year-end inflation at 33%, the policy interest rate at 38%, and the USD/TRY exchange rate at 43.
S&P also stated that it believes there is a high degree of unpredictability regarding the global economic, supply chain, and credit conditions impacts of U.S. policy decisions. Accordingly, it has updated macroeconomic forecasts for many countries.
Here are S&P’s forecasts for Turkey for the period 2025–2028:
Growth (%)
2025: 2.7%
2026: 2.9%
2027: 3.3%
2028: 3.2%
Inflation (%):
2025: 33.0%
2026: 18.3%
2027: 14.2%
2028: 12.7%
USD/TRY exchange rate:
2025: 43
2026: 48
2027: 52
2028: 55
Policy interest rate (%):
2025: 38.0%
2026: 17.5%
2027: 12.5%
2028: 12.5%
