Moody’s Predicts Turkey’s Growth Forecast to Increase to 6% with Revival of Tourism  

On the 31st of August 2021, Moody’s Investors Service (Moody’s) revised Turkey’s economic growth forecast for 2021 increasing it to 6% from an earlier 5%.

Why it Matters?

The tourism sector in Turkey recovered significantly over the past few months keeping in line with the global economic recovery and the progress of the vaccination drive to tackle COVID-19. During the second quarter of 2021, the services sector led the economic growth increasing to 45.8% annually with the industry sector growing to 40.5% and the information and communication sector growing to 25.3%. In keeping its growth forecasts on par with the above growth rate, the Global Macro Outlook Report of Moody’s for 2021-22 revised Turkey’s growth rate to 3.6...