NEWS ECONOMY NEWS        26/01/2021

IMF’s forecast for Turkey’s economy growth in 2021 increases to 6%

The International Monetary Fund (IMF) has published its World Economic Outlook Update “Policy Support and Vaccines Expected to Lift Activity” as of January 2021. In this report, IMF has increased its forecast for the growth in the global economy in 2021 to 5.5%, up 0.3% from its previous forecast. Its forecast for 2022 is 4.2%.  The institution notes that “expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies” will have a positive effect in 2021, despite the fact that “renewed waves and new variants of the virus pose concerns for the outlook”.


With regards 2020, IMF’s evaluation is as follows: “The projected growth recovery this year follows a severe collapse in 2020 that has had acute adverse impacts on women, youth, the poor, the informally employed, and those who work in contact-intensive sectors. The global growth contraction for 2020 is estimated at -3.5 percent, 0.9 percentage point higher than projected in the previous forecast (reflecting stronger-than-expected momentum in the second half of 2020).”


IMF’s growth forecast for Turkey is 6% for 2021, an increase of 1% on its previous forecast. Its growth forecast for 2022 is 3.5%, a decrease of 0.5% on its previous forecast.


IMF’s estimate for Turkey’s growth in 2020 has increased dramatically from a contraction of -5% in its previous forecast to a growth of 1.2%.

Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 75.45% in May 2024       Turkey’s official unemployment rate is 8.6% in March 2024       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.1 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023