OECD downgrades growth forecast for Turkey

Published 09.11.2015 21:37

The Organization for Economic Cooperation and Development (OECD) published its biannual Economic Outlook for 2015 on Monday, in which it downgraded the expected growth rate for Turkey. Explaining that global growth has weakened and the global economy is anticipated to grow less than previously believed, the OECD decreased the estimated growth rate for Turkey for 2016 from 3.9 percent to 3.4 percent. The OECD had downwardly revised its global growth rate estimate of 3.7 percent, which was announced last November, a few times this year. The increase in Turkey's gross domestic product (GDP) for next year was also revised from 3.9 percent to 3.4 percent in the report. While the expected growth of GDP in Turkey was maintained at 3.1 percent, the growth rate estimate announced for the first time for 2017 was 4.1 percent. The OECD also predicts global growth to increase to 3.6 percent in 2017.

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