Istanbul, Levent skyscrapers at night

World Bank raises growth forecast for Turkish economy

The World Bank revised upwards the growth forecast for the Turkish economy for the years 2023 and 2024. In its latest report for the Europe and Central Asia region, the World Bank (WB) calculates that Turkey’s GDP will grow by 3.2% in 2023 compared to the previous estimate of 2.7% for this year, while for 2024 the economy of the Eurasian country is expected to grow at 4.3%, after a previous forecast of 4%; by 2025, the WB considers that the Gross Domestic Product of Turkey could grow at 4.1%. To justify its new calculation for 2023, the World Bank points out that the effect of the earthquakes on Turkish GDP will be offset by the strong momentum of the Turkish economy and government stimulus and aid; it also foresees a faster reconstruction and stronger than expected foreign investment, as well as an end to political uncertainty after the May elections.