Türkiye's growth forecast rises, China's falls: Fitch Ratings

2023-09-14 11:23:29 | Last Update : 2023-09-14 11:36:31

Fitch Ratings, the international credit rating agency that signed an important decision regarding Türkiye's credit rating outlook, issued a global concern report. Fitch made downward revisions for China and Europe and raised Türkiye's growth forecast.

Türkiye's growth forecast rises, China's falls: Fitch Ratings
zoom in photo
Share Photo

Optimistic forecasts for Türkiye continue to come from international organizations. A new forecast for Türkiye came from Fitch Ratings, the international credit rating agency, which raised Türkiye's credit rating outlook from "negative" to "stable" after 2 years. Fitch Ratings raised its growth forecast for Türkiye.


Fitch Ratings published the September issue of the Global Economic Outlook Report with the title "China Concerns Increase". Fitch Ratings reduced its economic growth forecast for the Chinese economy from 5.6 percent to 4.8 percent for this year and from 4.8 percent to 4.6 percent for next year.

The international credit rating agency raised its forecast for Türkiye. Fitch noted that the economic growth forecast for this year was raised from 2.5 percent to 4.3 percent after the Turkish economy grew stronger than expected in the second quarter of this year.

In the report published by Fitch, it was stated that monetary policy has become more orthodox since the appointment of the new economic management, including Turkish Treasury and Finance Minister Mehmet Simsek and Central Bank of the Head of Republic of Türkiye, Hafize Gaye Erkan. Fitch reported that the Turkish economy is expected to grow by 3 percent in 2024 and 3.4 percent in 2025.


In Fitch's report, it was stated that the world economy is expected to grow slightly faster than expected this year, but the deepening collapse in China's property market cast a shadow on global growth expectations, while monetary tightening is putting more and more pressure on the demand outlook in the United States and Europe.

In the report, it was noted that the global economic growth forecast was raised from 2.4 percent to 2.5 percent for this year, reflecting the "surprising resilience" in emerging markets excluding the United States, Japan, and China so far this year.

Also, it was reported that the growth expectation of the global economy for next year was reduced from 2.1 percent to 1.9 percent, and the world economy is expected to grow by 2.8 percent in 2025.

Source: Anadolu Agency

WARNING: Comments that contain insults, swearing, offensive sentences or allusions, attacks on beliefs, are not written with spelling rules, do not use Turkish characters and are written in capital letters are not approved.