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As 2024 draws to a close, economic forecasts indicate stable growth for Türkiye, with an average growth rate estimated at 2.98% for 2024, although projections range from 2.70% to 3.20%.

At the same time, the country has made significant progress in its fight against inflation, achieving a reduction of 26.9 percentage points over five months. In October, inflation stood at 48.6%. The Central Bank maintained its key policy rate at 50.0% while revising its year-end inflation forecasts upward to 44% for 2024 and 21% for 2025 (compared to the previously estimated 38% and 14%), reflecting adjustments to economic expectations in the face of ongoing challenges.

These economic improvements and a commitment to financial stability led Standard & Poor's (S&P) to upgrade Türkiye's credit rating. In its recent November assessment, the agency highlighted that economic resilience, coupled with adjustments to fiscal and monetary policies, justified this positive update. This decision reflects increased confidence in Türkiye's ability to address structural challenges while supporting growth and controlling inflation.

The three major credit rating agencies have adopted a favorable stance toward Türkiye this year. S&P was the first to upgrade its rating in May, citing a "rebalanced economic strategy" as the justification. This revision aligns with the two rating upgrades granted by Fitch Ratings in 2024. Meanwhile, Moody’s also upgraded Türkiye’s rating in July, marking the first improvement in a decade, emphasizing significant progress in governance.

Finally, November witnessed a resurgence of foreign investor interest in the Turkish market. Significant investment decisions, involving substantial amounts, were announced by leading players such as the Chinese Kaishan Group and the Swiss AMAC Aerospace. The sectors targeted by these investments demonstrate increased diversification, further solidifying Türkiye’s position as a key destination for international investors.