Turkey’s economy should grow at a higher-than-expected pace this year, Europe’s development bank said Tuesday, citing a strong rebound from the coronavirus pandemic and signs of tourism picking up, Trend reports citing Daily Sabah.
The European Bank for Reconstruction and Development (EBRD) forecast a better-than-expected economic recovery this year across its geographical regions of investment following pandemic-induced slumps, it said in its latest report.
It said the recovery of 37 countries in its region was gathering steam though tourism and foreign direct investment were still bumpy.
Turkey, the EBRD’s biggest country of operation, saw half a percentage point added to its forecast, expected to now grow at 5.5% this year. The bank said the economy should expand by 4% in 2022.