World Bank 2017 Growth Prospects

The World Bank published its January 2017 report on Global Economic Prospects (GEP).

The World Bank reduced its forecast for global economic growth from 2.9 percent to 2.4 percent. He explained that this was due to commodity prices, weak global trade, and declining capital flows. In addition, disappointments in growth figures were exposed to serious downside risks, including rising geopolitical uncertainties.

Structural reforms have become even more urgent due to weak growth figures. World Bank Group President Jim Yong Kim said, "Economic growth remains the most important driving force in poverty reduction."

The report estimated that Turkey would grow by 3% in 2017 and 3.5% in 2018 and 3.7% in 2019. The WB stated that Turkey's economy had many problems in 2016, but grew by 2.5%.

The previous report, previously published in June 2016, estimated growth expectations for Turkey at 3.5% for 2016, 3.5% for 2017 and 3.6% for 2018. Accordingly, WB 2017 reduced its growth forecasts by 0.5 points.

Source:
The World Bank
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