Standard & Poor’s raises Turkey’s growth forecast and Saudi Arabia’s rating...

  Increasing the Turkish economic growth forecast for the current year from 6.1% to 8.6% (Getty)

well Standard & Poor's agency US credit rating outlook for growth Turkish economy For 2021, it raised it from 6.1% to 8.6%, while keeping Saudi Arabia's sovereign rating at A-/A-2, meaning low risk, with a stable future outlook.

This came in the fourth quarter report for 2021 for the Europe, Middle East and Africa region, which was reported by Anadolu Agency on Tuesday.

The report emphasized that economic activity data in Turkey was stronger than previously expected. According to the report, the agency raised its forecast for the growth of the Turkish economy for the current year from 6.1% to 8.6%.

but regarding For the growth of the Turkish economy For 2022, the agency expected it to be at a level of 3.3%. The report indicated that the inflation rate in Turkey is expected to reach 17.3% in 2021, and 12% in 2022.

Saudi Arabia forecast

In the Gulf, the agency kept Saudi Arabia’s sovereign rating at A-/A-2, meaning low risk, with a stable outlook. It expects the economy to grow at an average rate of 2.4 percent between 2021 and 2024.

The Saudi economy grew by 1.8 percent in the second quarter of this year, after 7 chapters of contraction due to the spread of the Corona virus and the decline in oil prices, the country’s main source of income.

The agency stated that the recovery from the Corona pandemic and the improvement of the oil sector, in addition to net government and foreign assets, support the stable future outlook.

The report indicated that the rise in oil prices, the reduction of the “OPEC +” oil production cut, and the increasing distribution of Corona virus vaccines, will collectively lead to a recovery in growth during the period between 2021 and 2024.

It also expected that the rise in oil prices during the current year, and the increase in production quantities during the next year, in addition to the expansion of government revenues and spending control policies, would support the financial and external accounts during the same period.

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