Recessions

The Ministry of Finance has revised its autumn forecast for economic development. According to new estimates, real gross domestic product (GDP) growth will reach 4%, and next year will be heading towards 5% with a forecast of 4.9%. The main reason for accelerating economic growth will be investment, as well as the stabilization of the private sector after the Covid crisis.

Bulgarian economy is expected to grow at a slower pace than the global one, growing by 3.5% in 2021 and by 3.8% in 2022. At the same time, however, the global economy is expected to grow by 5.5% in 2021 and 4.2% in 2022, according to a new analysis by leading commercial credit insurer EH.

The Turkish economy expanded 21.7 percent year-on-year in the second quarter of 2021, official data revealed on Sept. 1.

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It has been the highest annual growth rate since 1999.

The Turkish economy expanded 21.7 percent year-on-year in the second quarter of 2021, official data revealed on Sept. 1.

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It has been the highest annual growth rate since 1999.

International credit ratings agency Moody's on Aug. 31 upgraded Turkey's economic growth forecast for 2021 from 5 percent to 6 percent. 

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In its Global Macro Outlook 2021-22 report, Moody's also revised the growth expectation of the Turkish economy for 2022 from 3.5 percent to 3.6 percent.

The Turkish government is determined to fight against the adverse effects of stimulus policies adopted during the pandemic, such as high inflation, exchange rate volatility and risk premium increase, Treasury and Finance Minister Lütfi Elvan said on Aug. 20.

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The number of employees on the payroll including industry, construction and services sectors increased by 13.5 percent in June 2021 compared with the same month of the previous year, the Turkish Statistical Institute (TÜİK) announced on Aug. 16. 

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In the first seven months, there was an increased demand for additional staff by 56 percent compared to 2020, and compared to 2019 by 30 percent, as reported by Infostud.

Industrial producer prices (domestic market and foreign market) were 10.4 percent up in May 2021 compared to the year-ago period, and 2.0 percent up from the previous month, shows data released on Friday by the National Institute of Statistics (INS). The industrial price index for the domestic market rose 1.42 percent compared to April 2021, and 10.41 percent YoY.

Financial analysts anticipate this year's budget deficit will be 6.4 percent of GDP and the inflation rate over a 12-month time horizon, respectively June 2022 - June 2021, to be 3.75 percent, Romania's chartered financial analysts association CFA Romania said in a release. At the same time, none of the survey participants predicts a decrease in the inflation rate in the next 12 months.