ANKARA, June 7 (Xinhua) -- Türkiye's growth forecasts for 2023 were revised up to 3.6 percent by the Organization for Economic Cooperation and Development (OECD), and to 3.2 percent by the World Bank from their previous projections.
The OECD issued its new economic outlook report last week, upgrading from the 2.8-percent forecast in March.
"Economic growth of Türkiye is projected to moderate to 3.6 percent in 2023 due to weaker exports, while domestic demand will remain the main driver of growth," said the report.
The devastating earthquakes in early February brought widespread damage in southern Türkiye, it said, "However, the boost from reconstruction is expected to largely offset the negative impact from disruption to economic activity."
This month, the World Bank also revised its expectations for Türkiye's growth to 3.2 percent this year and 4.3 percent in 2024, from 2.7 percent and 4 percent respectively in its Global Economic Prospects in January.
"Growth in Türkiye is anticipated to slow to 3.2 percent in 2023 before rebounding to 4.3 percent in 2024, assuming normalization in macroeconomic policies with a tightening of the policy mix, with domestic demand remaining the key driver," said the report.
Türkiye's economy expanded by 5.6 percent in 2022, followed by a year-on-year growth of 4 percent in the first quarter of 2023, despite damage from the earthquakes.
