OECD raised Turkey's economic growth forecast

The Organization for Economic Cooperation and Development (OECD) has raised its forecast for Turkey's economic growth by the end of this year from 2.6% to 3.1%.

In its interim report titled “Guidance in Times of Uncertainty”, it stated that Turkey's economy will experience a growth of 3.2% in 2024.

According to this report, OECD expects Turkey's economy to continue its upward trajectory with a growth of 3.9% in 2026.

The organization has also forecasted that inflation in Turkey will reach 31.4% by the end of this year and will decrease to 17.1% by the end of 2026.

Economic growth in the U.S. and Eurozone will slow down

In this report, OECD has lowered its global economic growth estimate by 0.1% to 3.1% and expects this figure to reach 3% in 2026.

In the United States, economic growth, which is forecasted to be 2.2% this year, is expected to slow down to 1.6% by 2026. It is also expected that the Eurozone economy will grow by 1% this year and 1.2% in 2026.

China remains on the path of growth

According to OECD's forecasts, China's economy will grow by 4.8% this year and by 4.4% in 2026.

OECD Secretary-General's view on the global situation

The Secretary-General of OECD, Mathias Cormann, stated in his assessment of this report that despite the stability in global growth trends, the decline in inflation is still facing resistance.

"With increasing uncertainty in policies, some signs of weakness have emerged in the global economy. Rising trade restrictions will contribute to higher production and consumption costs. Ensuring an effective and rules-based international trade system and keeping markets open remains of great importance."