Turkish currency and debt crisis

Moody’s revises up GDP forecast

International credit rating agecny Moody's has revised up its Turkey growth forecast for this year from 9.2 percent to 11 percent.

"Moody's expects that real GDP growth will slow to around 4 percent in 2022, compared to this year's extraordinary growth rate that Moody's estimates will come in at around 11 percent," Moody's said on Dec. 3.

OECD cuts world growth forecast, warns of Omicron threat

The Organization for Economic Co-operation and Development (OECD) has revised up its 2021 growth forecast for Turkey by 0.6 percentage points to 9 percent.

"In the absence of further shocks, GDP growth is projected to be 9 percent in 2021 before easing to 3.3 percent in 2022 and 3.9 percent in 2023," the OECD said in its Economic Outlook report released on Dec. 1.

New economic model to boost investment, employment, production, export: Erdoğan

The new economic model that Turkey is pursuing aims to grow the national economy by boosting investment, employment, production and export, President Recep Tayyip Erdoğan has said, reiterating that this strategy will likely record more than 10 percent growth by the end of this year.

We will support production, exports with lower rates: Erdoğan

Turkish President Recep Tayyip Erdoğan on Nov. 30 again rejected the idea of raising interest rates.

"With the new economic model, we reject out of hand the policy of attracting hot money with high interest rates," Erdoğan said in an interview on state TV.

"We will support production and exports with lower rates," Erdoğan stated.