The International Monetary Fund (IMF) has raised the growth forecast for the Turkish economy for 2024 to 3.6%, up from a previous estimate of 3.1%, according to its latest World Economic Outlook report.
According to Turkish media reports, the IMF’s latest report, however, announces that Turkey’s GDP will grow by 2025 at only 2.7%, down from its previous forecast of 3.2%. The Turkish government’s forecast is for GDP to grow at 4% in 2024 and 4.5% in 2025. Turkey’s gross domestic product grew at 5.7% in the first quarter of 2024, one of the highest in the world thanks to the boost from domestic demand, after experiencing 4% growth in the last quarter of 2023.
In its report, the IMF maintains unchanged its forecast for the world economy in 2024, which it expects to grow at 3.2% this year and 3.3% in 2025, although it warns of the risks posed by factors such as trade tensions and inflation, one of the main burdens on the Turkish economy. The Turkish government nevertheless assures that the disinflation process has already begun after the CPI fell to 71.6% in June, thanks among other factors to the strict monetary policy of the Central Bank of Turkey, which maintains interest rates at 50% and expects inflation to fall to 38% by the end of 2024.
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Edited and reviewed by:
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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