The OECD highlights the strong resistance to the effects of the coronavirus pandemic of the Turkish economy.
The OECD (Organisation for Economic Co-operation and Development), which forecasts that the Turkish economy will grow at 2.6% in 2021, announced this week an upward revision of Turkey’s GDP growth forecast in 2020 considering that the economy of the Eurasian country experienced a “strong recovery” from the first wave of the coronavirus pandemic, albeit facing difficulties.
In its latest economic report on Turkey, the Paris-based organisation estimates that the Turkish economy contracted by just 0.2% during 2020, compared to the previous estimate in which it calculated a drop of 1.3%. In statements to the media made by Rauf Gönenç, an OECD economist, he underlined that the Turkish economy could close 2020 even with a small positive growth, since the latest estimate was made in early December.
In any case, the forecasts on the evolution of its economy in a 2020 marked by the COVID-19 pandemic, place Turkey as the OECD member country that has best recovered from the effects of the virus on its economy, which grew by higher than expected to 6.7% in the third quarter after having suffered a fall of 9.9% between April and June.
In its Economic Outlook Report published on December 1, the OECD estimates that the Turkish economy will grow by 2.6% in 2021 and 3.5% in 2022, respectively, slightly lowering its forecasts for 2021 but increasing those for 2022 before a perspective of recovery of the global economy thanks to the coronavirus vaccine. The Turkish government’s forecasts point to a growth of 0.3% in 2020 and 5.8% in 2021.
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When Monica finished her business degree, she had the idea to celebrate it travelling: that’s how she ended up visiting Turkey, and she liked it so much… that she decided to stay and live there! And she is still there, reporting from the city of Bursa on the latest news about the interesting Turkish economy.