OECD Doubles Turkey 2021 Growth Expectation

Organization for Economic Cooperation and Development (OECD) has just increased 2021 growth projection for Turkey to 5,9 percent from previous 2,9 becoming one of the latest international institutions dramatically upgrading economic outlook projection for Turkey.

OECD pointed out that financial activities in China, India and Turkey has returned to pre-pandemic level due to strong financial measures and recovery in production and construction sector while warning about inflation risks caused by rising commodity prices.

OECD report said the global economic recovery would catch pre-pandemic levels in the midst of 2021 while it would take another year for some countries to reach that level.

OECD has also increased its global growth forecast to 5,6 pct from its previous projection of 4,2 pct while more than doubling growth expectation for the United States to 6,5 pct from previous 3,2 pct.

Turkey and China turned out to be the only two growing economies among G20 countries in 2020. International finance institutions have been revising their financial outlooks for Turkey since.

Most recently, The Wall Street bank JP Morgan and British multinational bank Barclays have raised their 2021 growth forecasts for the Turkish economy.

Barclays lifted its forecast to 4.4% from 3.6%, citing Turkey’s robust performance since the start of the year, while JP Morgan raised its projection to 4.8%, up from its 4.6% forecast from just a month ago.

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