Int’l agency forecasts growth in Turkish economy in 2022

4 December 2021 16:23 (UTC+04:00)

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By Vugar Khalilov

The international credit rating agency Standard and Poor's (S&P) has forcasted growth in the Turkish economy in 2022, Yeni Shafak has reported.

In its Europe, Middle East and Africa (EMEA) Emerging Markets report, the agency forecasted 3.7-percent growth (0.4 points more than the previous year) for Turkey's economy in 2022.

Moreover, the economic growth forecast for 2021 was revised to 9.8 percent by increasing 1.2 points, the report added.

On the other hand, the agency predicted 4.2-percent growth (0.2 points increase) in 2021 and 2.7 percent growth (0.1 point increase) in 2022 for the Russian economy.

In the report, South Africa's growth forecast for 2021 was revised to 4.9 percent increasing by 0.3 points, while for 2022 it equaled to 2.4 percent decreasing by 0.2 points.

Furthermore, Poland's economic growth forecast for 2021 was revised to 5.2 percent increasing by 0.1 points, and for 2022 it was revised to 5 percent decreasing by 0.3 points.

The report underlined that high inflation in emerging markets and uncertainties regarding the new type of coronavirus pandemic carry the risk of slowing the economic growth.

It was also reported that as of the third quarter of 2021, all emerging markets in Europe managed to achieve meaningful economic growth during the exit from the pandemic.

Emphasizing that the economic recovery in emerging markets has not been completed yet, the report underlined that (although some sectors performed below their capacity) most emerging market economies are expected to grow above the average in 2022.