The United Nations has lowered its global economic growth forecast for 2015 from 2.8 percent to 2.4 percent, attributing this to the slowing down of emerging economies, increasing volatility in global markets and low commodity prices. In its World Economic Situation and Prospects report, the U.N. also forecasts that the global growth will rebound to 2.9 percent in 2016 and 3.2 percent in 2017 as a result of less restrictive budgets and expansionary stances on monetary policy.
Commenting on the publishing of its report, a U.N. spokesman said: "Considering the slowing down of the Chinese economy and the weak performance of other emerging economies, the center of global growth has been moving partly toward the developed countries."
Meanwhile, the Turkish economy, which still classified as an emerging economy, grew at a rate of 4 percent in the third quarter of 2015, up from 3.8 percent in the previous quarter, according to reports from the Turkish Statistical Institute (TurkStat) released on Thursday. That figure exceeded the 2.7 percent growth expected by most analysts.
Rising household expenditures, public spending and an increase in agricultural production are the main reasons for the unexpected rise in the growth rate, according to economists. Turkey ranked the fifth-fastest growing country in the world in the third quarter.
