The International Monetary Fund (IMF) slightly raised its global and Turkish growth forecast for 2024.
In its World Economic Outlook report published yesterday, the IMF revised its 2024 global growth forecast from 2.9% to 3.1%, while raising its 2024 forecast for Turkey from 3% to 3.1%.
The IMF kept its 2025 growth forecast for Turkey and the world economy unchanged at 3.2%.
IMF chief economist Pierre-Olivier Gourinchas said the global economy may soon have a “soft landing” but economic growth and global trade remain below the historical average.
Emphasizing that the clouds over the global economy have begun to dissipate, the report underlined that although decelerating inflation and stable growth make a soft landing possible, there are still risks and the Red Sea crisis could create problems.
An upward revision to US, a downward revision to Europe
In the report, which also shared the updated economic growth forecasts of the countries, it was stated that the growth expectation for the US economy was increased from 1.5% to 2.1% for 2024, while it was reduced from 1.8% to 1.7% for 2025. In the report, it was noted that the growth forecast for the Eurozone economy was reduced from 1.2% to 0.9% for this year and from 1.8% to 1.7% for 2025. It was stated in the report that the growth forecast for Germany, one of the leading economies of Europe, was reduced from 0.9% to 0.5% for this year and from 2% to 1.6% for next year, while the growth expectation for the French economy was reduced from 1.3% to 1% for this year and from 1.8% to 1.7% for next year. In the report, while the growth forecast for the Italian economy was maintained at 0.7% for 2024, it was increased from 1% to 1.1% for next year. In the report, it was stated that the growth forecast for the Spanish economy was reduced from 1.7% to 1.5% for this year and kept constant at 2.1% for next year, while the growth expectation for the UK economy was kept at 0.6% for this year and reduced from 2% to 1.6% for next year.
