International credit ratings agency Moody’s on Tuesday upgraded Turkey’s economic growth forecast for 2021 from 5% to 6%.
In its Global Macro Outlook 2021-22 report, Moody’s also revised the growth expectation of the Turkish economy for 2022 from 3.5% to 3.6%.
It noted that a recovery in the tourism sector supported the growth in the Turkish economy thanks to the ongoing global economic recovery and progress in coronavirus vaccination.
G20 economies meanwhile are expected to grow by 6.2% in 2021 and 4.5% in 2022, according to the Moody’s report.
It added that the developed economies of the G20 are expected to grow by 5.6% in 2021 and 4.2% in 2022.
Developing economies are expected to grow by 7.2% this year, and the growth performance of these countries will decrease to 5.1% in 2022, according to the report.
The report also expects the inflation rate to remain high in 2021 for most G20 economies and to decrease in 2022.