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OECD expects Turkish economy to grow at 2.6% in 2021

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.