Moody’s has published the August issue of its Global Macro Outlook 2022-23 report.
In the report, it was noted that global growth has slowed down as more stringent financial conditions penetrated the economy.
In the report, which pointed out that global economic growth continued to weaken with the tightening of financial conditions after the central banks’ moves to reduce inflation, it was stated that although the outlook is negative, high-frequency data point to a new stability after the turbulent first half of 2022.
In the report, it was stated that global growth forecasts have been revised downwards to a large extent since May, and it was noted that these revisions reflected the significant deterioration in the outlook of many major economies since the beginning of the year.
In the report, which reminded that G20 economies grew by 5.9 percent last year, it was reported that they are expected to grow by 2.5 percent this year and 2.1 percent next year.
Moody’s estimated in May that G20 economies would grow by 3.1 percent in 2022 and 2.9 percent in 2023.
In the report, it was stated that the developed economies of the G20 are expected to grow by 2.1 percent this year and 1.1 percent in 2023, while developing economies are expected to grow by 3.3 percent this year and 3.8 percent next year.
Moody’s previously recorded that developed economies will grow by 2.6 percent this year and 2.1 percent next year, while developing economies are expected to grow by 3.8 percent this year and 4.2 percent next year.
In the report, it was stated that the growth forecasts of the US, Japan, Germany, Canada, China and India economies for this year were revised downwards, while the growth expectations of Turkey, Italy, Brazil and South Africa were raised.
In Moody’s report, it was stated that the Turkish economy is expected to grow by 4.5 percent this year and 2 percent next year.
According to the estimates made by the credit rating agency in May, the Turkish economy will grow by 3.5 percent this year and 4 percent next year.
In the report, which pointed out that global trade and prices have adjusted to normal after the epidemic, it was stated that global monetary and financial conditions will continue to be restrictive throughout 2023.
In the report, it was emphasized that the economy is faced with continuing risks.