Fitch Ratings, global rating agency, lowers global GDP estimates but hikes Türkiye's growth forecast for both 2022 and 2023
Fitch notes the Turkish economy showed strong growth in the second quarter with gains in consumption and exports.
"We’ve had something of a perfect storm for the global economy in recent months, with the gas crisis in Europe, a sharp acceleration in interest rate hikes and a deepening property slump in China," chief economist Brian Coulton said in the report. The agency expects the eurozone economy to grow 2.6 percent in 2022 but contract 0.1 percent in 2023, which is a drop of 0.3 and 2.2 percentage points, respectively, compared to the June forecast, due to "the impact of the natural gas crisis."Turkish economy to grow
China's economy is expected to grow 2.8 percent this year and 4.5 percent next year — revised down by 0.9 and 0.8 percentage points, respectively, as the world's second-largest economy is "constrained by Covid-19 pandemic restrictions and a prolonged property slump," it said.
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