OECD revises up 2021 global growth forecast

The Organization for Economic Cooperation and Development (OECD) has revised the Turkey’s forecasts for 2021 and 2022. Accordingly, the OECD upgraded economic growth estimation for 2021 from 2.9% to 5.9%, while it downgraded economic growth forecast from 3.2% to 3% for 2022.

“Activity moved above pre-pandemic levels in China, India and Turkey, helped by strong fiscal and quasi-fiscal measures and a recovery in manufacturing and construction,” says the OECD regarding Turkey.

“Turkey is a notable exception, largely reflecting the rapid rebound in the latter half of 2020,” it added.

The OECD said global gross domestic product (GDP) growth would be 1.4% in 2021 and 4% in 2022.

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