Fitch has raised its growth forecasts for Turkey, Brazil, South Africa and Poland. Fitch raised its growth forecast for 2022 from 2.4 percent to 4.5 percent. Thus, the forecast has increased by 87.5 percent.
Fitch Ratings has upgraded its growth forecasts for the full year 2022 for Turkey, Brazil, South Africa and Poland after the first quarter 2022 growth data came in stronger than expectations.
In its June 2022 Global Economic Outlook report published yesterday, Fitch cut its 2022 growth forecast for the global economy to 2.9 percent from 3.5 percent to reflect the weak outlook for China and advanced economies, while increasing its 2022 growth forecast for Turkey from 2.4 percent to 4.5 percent.
Fitch revised its 2022 growth forecast upward and showed that the Turkish economy had grown by 1.2 percent due to the increase in net trade, despite the expectation of a 1.3 percent contraction in the first quarter, and revised its 2023 GDP growth forecast downward for Turkey.
Fitch, which lowered its 2022 growth forecast for the global economy by 0.6 percent to 2.9 percent compared to its forecast in the March 2022 Global Economic Outlook report, made the biggest revision to its growth forecasts for China. It cut its 2022 growth forecast for the Chinese economy to 3.7 percent from 4.8 percent. Fitch also cut its growth forecast for the Euro Area to 2.6 percent from 3.0 percent, while changing its growth forecast for the U.S. economy to 2.9 percent from 3.5 percent.
Fitch also revised its 2023 growth forecast for the global economy to 2.6 percent from 2.7 percent.
Turkey, despite high inflation in the country is focused on consistent growth and increase in exports. The government has been applying models to serve these 2 targets for some time. On the other hand Turkey has also been coping with low value of Turkish lira against US dollar and taking several measures to overcome this problem.