Türkiye is making significant strides without compromising its monetary and fiscal policies, implementing a series of steps aimed at achieving a sustained reduction in inflation to single-digit figures while continuing to support economic growth.
The Turkish economy demonstrated resilience, recording a growth rate of 3.9 percent in the first quarter and 3.8 percent in the second quarter, marking 12 consecutive quarters of growth. This strong performance, coupled with ambitious targets, has led to upward revisions by various entities.
Notably, international credit rating agency S&P has revised its year-end growth forecast for the Turkish economy upwards by 1.2 points, raising it from 2.3 percent to 3.5 percent. Likewise, the Organization for Economic Co-operation and Development (OECD) recently adjusted its growth projection from 3.6 percent to 4.3 percent.
Moody's has also increased its year-end growth forecast, raising it by 1.6 points to 4.2 percent, while Fitch has elevated its projection from 2.5 percent to 4.3 percent. Additionally, the World Bank and the International Monetary Fund (IMF) anticipate year-end growth rates of 3.2 percent and 3 percent, respectively.
The overarching goal for the new period is to achieve robust, balanced, and inclusive growth. This sustainability will be realized through increased investment, expanded production, and enhanced employment opportunities. Consequently, upward revisions in growth expectations are anticipated to persist as Türkiye advances on this path.
