World Bank upgrades Turkey’s growth forecast

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The World Bank has raised Turkey’s economic growth forecast for the year, according to a Migration and Mobility report published on Oct. 19.

Economic growth in Turkey is projected to grow 4 percent in 2017, up from the bank’s previous estimate of 3.6 percent since April.

The upgrade came after the International Monetary Fund upgraded its 2017 growth forecast for Turkey by 2.6 percentage points in a report released on Oct. 10.

The IMF forecasted Turkey to grow by 5.1 percent, up 2.6 percentage points compared to a previous forecast of 2.5 percent.

“Turkey showed remarkably strong GDP growth after the global financial crisis, largely because of effective fiscal stimulus,” the World Bank said.

“The country performed a strengthening growth in the first half of 2017 that leads to higher expected growth than in other parts of the Europe and Central Asia region,” it added.

The bank, however, revised Turkey’s growth forecast for 2018 to 3.5 percent, down from 3.9 percent.

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