The World Bank revised its forecasts for the global economy for 2023 downwards. In its latest report, the bank lowered its growth forecasts for many countries and regions. He also warned of recession for economies. The Turkish economy growth forecast was also lowered.
The World Bank report predicted that the global gross domestic product will grow by 1.7 percent this year. The bank’s estimate for June was about twice that rate. If the global economy grows at the level of the report, it will be the worst period of the last 30 years. “The crisis facing development is intensifying,” said World Bank President David Malpass.
The World Bank cited Russia’s invasion of Ukraine and the decline in investments as reasons for the downward revision.
The Bank reduced its 2023 growth forecast for Turkey by 0.5 percentage points to 2.7 percent. The forecast for 2024 remained unchanged at 4 percent.