EBRD lowers Turkiye GDP forecast, upgrades Russia

LONDON — Turkiye's quake-hit economy will grow this year by less than previously forecast, while Russian output will shrink far less than expected despite Ukraine conflict sanctions, Europe's development bank said on Tuesday.

The European Bank for Reconstruction and Development, or EBRD, published its latest outlook for a region hit by rampant inflation and slowing global economic activity.

The EBRD predicted Turkish GDP will expand 2.5 percent this year, cutting prior guidance of 3 percent and citing the impact of "unorthodox" loose monetary policy alongside one of the world's highest inflation rates, as well as February's deadly earthquake.