The Organization for Economic Cooperation and Development (OECD) has released its "Global Outlook" report for the month of June 2023. According to the report, the projected growth rate for Turkey in 2023, which was previously estimated at 3% in the November 2022 report and 2.8% in the temporary report of March 2023, has been revised upward to 3.6%. The global gross domestic product (GDP) growth for the year 2023, previously forecasted at 2.2% in the November 2022 report and 2.6% in the temporary report of March 2023, has been revised to 2.7%. However, the global economy is still expected to grow by 2.9% in 2024 (consistent with the temporary report of March 2023), while the Turkish economy is expected to grow by 3.7% (slightly lower than the 3.8% forecasted in the temporary report of March 2023).

In terms of global GDP growth, the projection for the year 2023, which was initially 2.2% in the November 2022 report and 2.6% in the temporary report of March 2023, has been revised to 2.7%. In 2024, the global economy is expected to grow by 2.9% (consistent with the temporary report of March 2023). The growth forecasts for the year 2023 have been revised upward for the Eurozone from 0.8% to 0.9% and for the United States from 1.5% to 1.6%, while the forecast for our most important trading partner, Germany, has been revised downward from 0.3% to 0%.

Source: OECD
Post by: Republic of Türkiye Ministry of Trade