World Bank revises up Turkey growth forecast
Published 07 Oct,2021 via Hürriyet Daily News - The World Bank has raised its gross domestic product (GDP) growth forecast for Turkey in 2021 to 8.5 percent.
In its July projection, the bank had pointed to an expansion of 5 percent, according to Europe and Central Asia Economic Update released on Oct. 5.
“Turkey’s economy was one of the few to avoid a contraction last year, partly owing to substantial credit expansion. Growth strengthened further in the first half of 2021, as the deployment of vaccines permitted relaxing COVID-19 restrictions, supporting robust services activity and retail sales,” read the report.
“Activity was also fueled by a sharp rebound in industrial production and goods exports to the euro area as external demand firmed. Meanwhile, new export orders have remained solid in the third quarter. Tourist arrivals have firmed somewhat although international tourism remains depressed relative to pre-pandemic levels,” it added.
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Hurriyet Daily News