International credit rating agency Fitch Ratings updated its medium-term growth potential forecasts for 10 developing economies, including Turkey.
The GDP-weighted average medium-term growth forecast of 10 developing countries (EMs) included in Fitch Ratings’ Global Economic Outlook (GEO) report has been revised to 4.0%. This rate is below the 4.3% level in the previous evaluation in 2021.
One of the reasons that is particularly noteworthy in this update from Fitch is the large decrease in the estimate of China’s supply-side growth potential. China’s growth forecast was reduced from 5.3% to 4.6%.
Additionally, the forecast for Russia was reduced from 1.6% to 0.8%, for Korea from 2.3% to 2.1%, and for South Africa from 1.2% to 1.0%.
On the other hand, the growth forecast for India was increased from 5.5% to 6.2%, and the forecast for Mexico was increased from 1.4% to 2.0%.
Additionally, Poland’s estimate is from 2.6% to 3.0%, Turkey’s forecastThe estimate for Brazil was increased from 3.9% to 4.1%, the estimate for Brazil was increased from 1.5% to 1.7%, and the estimate for Indonesia was increased from 4.7% to 4.9%.