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NEWS IMF raises growth forecast for Turkey

12 Oct 2022

The IMF has raised Turkey's growth outlook. According to the IMF's report, the growth forecast for the end of 2022 increased from 4 per cent to 5 per cent.

The International Monetary Fund (IMF) has raised Turkey's growth expectation for 2022.

According to the "Global Economic Outlook Report" of the IMF issued for the Autumn period, the growth forecast for the year 2022, estimated as 4.0 per cent in the interim report published in July, was increased to 5.0 per cent.

The IMF revised its expectations for the unemployment rate in a positive direction. The unemployment expectation for the year 2022 was reduced from 11.3 per cent to 10.8 per cent, and the anticipation for the year 2023 was reduced from 10.6 per cent to 10.5 per cent.

In the projection announced for 2027, the IMF set the growth forecast at 3.0 per cent, the inflation forecast at 15.0 per cent, and the current account deficit / GDP forecast at -2.6 per cent.

Turkey’s administration has been applying for a different program recently to bring down inflation and set the economy on the right track again. In the meantime, the Turkish lira has lost much value against the US dollar, and the government has also spent considerable effort to have the exchange rate under control.

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