ISTANBUL

The UN Conference on Trade and Development (UNCTAD) has revised its world GDP forecast upwards from 2.5% to 2.7% for 2023 and from 2.5% to 2.6% for 2024.

"The risks that threatened to substantially slow down global economic growth in 2023 did not fully materialize," said a Tuesday press release.

Some economies – including major ones, such as China, India, Indonesia, Russia, and the US – escaped the financial trouble that loomed earlier in the year, UNCTAD said.

It increased its forecast for the US from 1.9% to 2% for 2024; from 1.2% to 1.5% for the eurozone; from 0.4% to 0.5% for the UK; from 1.9% to 2.6% for Russia; and from 4.8% to 4.9% for China.

On the other hand, it cut the forecast for some countries, including Germany (1.1% to 0.9%), Canada (1% to 0.8%), and Australia (1.5% to 1.4%).

It increased its expectations for the Turkish economy for 2024 from 1.9% to 3.6%.