Fitch raises Turkey’s growth forecast
“Returning Tight Monetary Policy” in relation to the publication of the Fitch Global Outlook Report.
In the report, it was stated that contraction and restrictive monetary policy will reduce growth worldwide.
Pointing out that it will continue to intensify with the increasing decline on the course of recent controls in China, the report noted that the targets of the global supply chain observed globally.
In the report, the situation in energy and food supply from Russia was caught up faster than expected from Europe.
In Fitch’s report, inflation pressures were foreseen in the US and UK services to extract nominal wages in private tight business.
US and Eurozone growth forecasts revised down
In the report, in which the forecasts for the global economy were lowered, it was noted that the world economy’s forecasts of 2.9 percent this year, 2.7 percent in 2023 and 2024 each are expected.
Fitch had predicted that the global economy would grow by 2.8 percent in 2022 in its forecasts announced in March.
In the report, it was stated that the growth of the US economy was reduced to 1.5 percent in 2022, and that the growth of the country in 2023 was reduced from 1.6 percent to 2.5 percent. It is reported that the growth ability of the USA in 2024 is 1.3 percent.
In the report, it was noted that the 2022 growth forecast of the Euro Zone was reduced from 3 percent to 2.6 percent, while the 2023 growth forecast was reduced from 2.3 to 2.1 percent. It was stated that the growth rate of the Euro Zone economy in 2024 was determined as 2.1 percent.
Largest business in China
In the report, which is taken in Shanghai within the scope of the “Zero Kovid-19” policy, where the growth rate of the stopped Chinese economy is considered, the biggest application is planned in the forecasts for the Chinese economy.
In the report, it was stated that the growth forecast of the Chinese economy was reduced to 3.7 percent, and in 2023 from 5.1 percent to 5.3 percent. It was noted that the Chinese economy is planned for about 5 in 2024.
Turkey’s 2022 growth has been increased
The assessments in Turkey also reported in the report that the country is much more than the ground would be in good condition at first.
The report states that while imports take a big step in comparison to exports, it is voluntary that comes with the additional support of investments.
In the loan delivery report, it was noted that the Turkish economy is expected to target 4.5 percent this year, 3 percent in 2023 and 2.9 percent in 2024.
Fitch had previously predicted that Turkey would grow 2.4 percent this year and 3.2 percent in 2023.
Central banks have to respond to inflation
The report stated that the coup d’etat around the world has become apparent and central banks have remained responsive.
It cannot be made fashionable until it develops wage-price instruments and is taken into price as a price.
In the report, it was stated that the US Federal Reserve’s (Fed) interest rates are expected to reach 3 percent by the last quarter of this year and to 3.5 percent by the first quarter of 2023.
In the report, which pointed out that Russia is foreseen for now, if it is seen from the whole of Italy, it was noted that this risk will continue to be high while the conflict continues. “The risks are so high that in such a scenario we are better off avoiding a recession for the Eurozone,” the report said. assessment included.