World Bank lowers growth forecast for Turkey’s economy

The World Bank has revised downward its forecasts for the global economy for 2023 and lowered its growth forecast for the Turkish economy to 2.7 percent.

In its latest report, the bank lowered its growth forecasts for many countries and regions. It also warned of recession for economies. The growth forecast for the Turkish economy was also lowered.

The World Bank report predicted that global gross domestic product would grow by 1.7 percent this year. The bank’s June forecast was about twice that rate. If the global economy grows at the level of the report, the worst period in the last 30 years will have taken place. World Bank President David Malpass made the assessment that “the crisis facing development was intensifying”.

The World Bank presented Russia’s invasion of Ukraine and the decline in investments as grounds for downward revision.

The Bank lowered its 2023 growth forecast for Turkey by 0.5 points to 2.7 percent. The forecast for 2024 remained unchanged at 4 percent.