IMF: Turkey GDP growth to slow to 3.0% in ’24

Turkey’s GDP growth is projected to slow to 3.0 per cent in 2024, down from 5.1 per cent in 2023, according to the International Monetary Fund’s (IMF) latest World Economic Outlook on Tuesday. The outlook for 2025 suggests further decline, with growth expected to fall to 2.7 per cent.

This marks a downward revision from IMF’s July estimates of 3.6 per cent for 2024.

“In Türkiye, growth is expected to slow from 5.1 percent in 2023 to 2.7 percent in 2025, with the slowdown driven by the shift to monetary and fiscal policy tightening since mid-2023.”

According to the report, Turkey’s inflation is anticipated to rise significantly, reaching 60.9 per cent in 2024, compared to 53.9 per cent in 2023, before declining to 33 per cent in 2025.