IMF lowers growth forecast for Turkey

The IMF presented the October edition of its World Economic Outlook report under the title "Policy Pivot, Rising Threats." The report, which states that global economic growth is expected to remain steady but weak, noted that the global economic growth forecast for this year and next year is 3.2 percent.

IMF LOWERS TURKEY'S GROWTH FORECAST

The IMF has revised its growth forecasts for the Turkish economy downward. It lowered the 2024 growth forecast for Turkey from 3.6 percent to 3 percent, and the 2025 forecast from 3.2 percent to 2.7 percent. The IMF projects that Turkey will grow by 3.9 percent in 2029.

In the IMF's World Economic Outlook report, Turkey was placed in the category of emerging and developing countries in Europe. In the group where Turkey is evaluated, the growth forecast for 2024 was 3.2 percent, while it was stated as 2.2 percent and 2.5 percent for 2025 and 2029, respectively.

IMPROVEMENT IN US GROWTH FORECAST

The IMF revised the US growth forecast for 2024 to 2.8 percent. Due to the tightening of fiscal policy and the slowdown in the labor market, growth in the US is expected to decline to 2.2 percent in 2025.

EURO AREA

Euro Area growth, which is projected to be lower than the April and July forecasts, is expected to rise to 0.8 percent in 2024 thanks to an improvement in goods exports. In 2025, growth is projected to rise to 1.2 percent with stronger domestic demand.

Across Europe, growth is estimated to remain stable at 3.2 percent in 2024 and fall to 2.2 percent in 2025.