The World Bank revised up Türkiye's growth forecast from 2.7 percent to 3.2 for 2023, and from 4.3 percent to 4 for 2024, according to the Europe and Central Asia Economic Update Report.
"In Türkiye, economic activity is likely to be contained as additional government support measures are implemented, and earlier increases to minimum wages help households cope with inflation," stated the World Bank. Robust growth in private consumption and exports served as a significant driver of regional growth last year, helping Türkiye's output expand by 5.6 percent in 2022.
Commenting on the aftermath of the earthquake that struck Türkiye in February, the World Bank said, "Investments are also expected to be stronger than previously envisioned, assuming that reconstruction efforts proceed rapidly."