The Organization for Economic Cooperation and Development (OECD) has included striking predictions about Turkey in its latest report. Revising Turkey’s growth expectations for 2023 upwards in its report, the OECD predicted that inflation will remain above 40 percent on average in 2023 and 2024, both on a core and normal basis.
While the average inflation expectation for Turkey for 2023 was increased from 44.6 percent to 44.8 percent, the OECD lowered its average inflation expectation for 2024 from 41.4 percent to 40.8 percent.
The report states that the weak export effect will be seen in the Turkish economy. Another forecast is that the unemployment rate will remain close to 10 percent and that the easing financial conditions will put upward pressure on inflation this year.
On the other hand, OECD, which increased its economic growth expectation for 2023 from 2.8 percent to 3.6 percent with a sharp increase, revised its projections for 2024 growth expectation from 3.8 percent to 3.7 percent. dropped it.
In the report, the global growth forecast was also increased from 2.2 percent to 2.7 percent for this year, and the 2024 forecast was set at 2.9 percent. It is stated that factors such as the Kovid-19 epidemic, the war in Ukraine, as well as high inflation and the restrictive policies implemented by central banks to control price pressures will cause a weak recovery in the global economy.
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