The International Monetary Fund (IMF) has lowered Turkey’s growth forecast for the year 2024.

The organization set Turkey’s year-end inflation expectation at 43 percent. The inflation forecast for the end of 2025 was set at 24 percent.

In the World Economic Outlook report released today, Turkey’s expectation for average consumer prices in 2024 was raised from 59.5 percent to 60.9 percent. The 2025 expectation was lowered from 38.4 percent to 33 percent. Turkey’s growth expectation has been revised downwards. The growth forecast for 2024 was reduced from 3.6 percent to 3 percent. The growth expectation for 2025 remained at 2.7 percent.

The report stated, “This slowdown is a result of the tightening of monetary and fiscal policies since mid-2023.” The organization predicted that the unemployment rate would decrease from 9.6 percent to 9.3 percent this year. However, it is expected to rise from 9.6 percent to 9.9 percent next year.

According to the report, the IMF kept the global growth forecast for 2024 stable at 3.2 percent, as announced in July.