International credit rating agency Moody’s has upwardly revised growth projections for many G20 economies, including Turkey.
Moody’s significantly raised its real GDP growth projections for the US, Canada, Eurozone, Russia, India, Mexico, and Turkey in 2023. For China, it raised the 2023 and 2024 growth projections from 4.0% to 5.0%.
Moody’s raised Turkey’s 2023 and 2024 GDP growth projections from 2.0% and 3.0% to 2.3% and 4.0%, respectively. Moody’s attributed the upward revision of Turkey’s growth projections to the new economic activity that will emerge with the reconstruction in the earthquake-damaged regions.
In its assessment, Moody’s stated, “The pace of new economic activity generated by the reconstruction and how resources can be allocated are among the unknowns. This will depend on the size of fiscal and monetary policy support. We will continue to monitor developments in Turkey, and the economic outlook will remain uncertain in the coming months.”