International credit agency Fitch has raised its outlook for Turkish economic growth this year to 4.3% of GDP, up from its previous estimate of 2.5%, following higher-than-expected Turkish GDP growth in the second quarter, when the Turkish economy grew by 3.8%.
Globally, Fitch Ratings expects the world economy to grow by 2.5% this year, 0.1 points higher than its previous estimate of 2.4%, thanks to the “surprising resilience” shown by emerging markets, it notes in its report. However, global GDP growth is forecast to slow to 1.9% in 2024, down from the previous estimate of 2.1%.
On Turkey, Fitch expects the Turkish economy to grow at 3 per cent in 2024 and 3.4 per cent in 2025 thanks to the strong consumption and credit growth, with government spending on reconstruction efforts following the earthquakes that struck southeastern Anatolia in February also contributing to the strengthening of Turkish GDP, the credit agency said.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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