IMF raises Türkiye’s economic growth forecast to 3.6%

International Monetary Fund (IMF)’s recent move to raise Türkiye’s growth forecast from 3.1% to 3.6% in 2024 reflects Türkiye’s continuing efforts in the global economy.

IMF kept its global economic growth forecast at 3.2% for 2024, indicating a challenging global economic situation in its July edition of the World Economic Outlook titled “Global Economy Faces Tough Times.”

The report underscored that global economic growth is expected to reach 3.2% in 2024, which is in line with April forecasts.

Looking ahead to next year, the IMF predicted global economic growth to be 3.3%. In its April forecasts, the IMF anticipated global economic growth of 3.2% in 2025.

The report highlighted that service inflation has delayed disinflation, complicating monetary policy normalization.

It also pointed out upward risks to inflation, increased trade tensions and policy uncertainties, suggesting that interest rates may remain high for longer.

To manage these risks and sustain growth, the report emphasized the need for a policy mix that ensures price stability and replenishes diminished buffers.

Regarding economic growth forecasts for countries, the report indicated that Türkiye’s economy is expected to grow 3.6% this year and 2.7% next year.

IMF’s April forecasts projected Türkiye’s economy to grow by 3.1% in 2024 and 3.2% in 2025.