World Bank Raises Turkey’s Growth Forecast
The World Bank updated its growth forecast for Turkey by 0.5 percentage points increasing it to 5 percent for 2021 in its June 2021 “Global Economic Prospects” report.
The Bank has revised its forecast for the global growth from 4.1 percent to 5.6 percent in 2021, the fastest post-recession recovery in the last 80 years, largely stemming from robust rebounds in a few economies in the aftermath of Covid-19. On the other hand, the Bank underlined that many emerging and developing market will continue to suffer from the pandemic during the year. “As the global economy recovers, the epidemic continues to create poverty and inequality for people in developing countries,” said David Malpass, the World Bank Group President, emphasizing that global cooperation and debt relief are vital for low-income countries.
Stating that the global output will be 2 percent lower than the pre-epidemic levels despite the recovery, the Bank also said per capita incomes will not return to their previous levels until 2022.
Source: Republic of Turkey Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
