The Organization for Economic Cooperation and Development (OECD) raised its forecast for Turkish economic growth in 2023 from 3.6 percent to 4.3 percent, according to the Interim Economic Prospects report issued this September.
In its report, the organization expected the growth of the Turkish economy to decline next year to 2.6 percent, compared to previous expectations of 3.7 percent.
The organization also expected the inflation rate to rise during 2023 from 44.8 to 52.1 percent.
Regarding 2024, the organization expects the inflation rate to decline to about 39.2 percent.
Regarding the organization’s expectations for global economic growth, the report indicates the possibility of achieving growth at 3 percent in 2023, with a decrease next year to 2.7 percent.
Regarding the euro zone, the organization reduced its growth forecast for the region from 0.9 percent to 0.6 percent in 2023, as a result of the direct effects of the Russian-Ukrainian war.
The Organization for Economic Cooperation and Development was established in 1961 as an international organization aiming to promote economic progress and global trade. It is an organization with 38 members and has its headquarters in the French capital, Paris.