Garanti BBVA, awarded for its macroeconomic forecasts for Turkey

Garanti BBVA, awarded for its macroeconomic forecasts for Turkey

Garanti BBVA Economic Research received “Forecast Accuracy Award” for the Turkish economy in 2020 from Consensus Economics, one of the world´s most recognized analysis firms, for its data-driven, reliable and consistent economic forecasts.

As an institution that shares the most accurate forecast in 2020 Turkish economy forecasts (growth and inflation), Garanti BBVA has become the first bank in Turkey receiving this award

“Garanti BBVA’s economic analysis unit provides reliable, coherent and data-based macroeconomic forecasts, even in difficult conditions. Despite the uncertainty from the pandemic and rising volatility in 2020, our economic analysis team forecasted Turkey’s economic data with the lowest possible percentage of error. We are honored that this success we have achieved through our work in the field of economic research is appreciated by a prestigious institution from abroad and to be the first bank from Turkey to win this award. We appreciate that our team has increased their contribution in terms of technical capacity as well as being pioneers with their work in the field of big data. Garanti BBVA offers its macroeconomic analysis and plans to both the general public and to economists, analysts and individual and institutional investors. The team is aware of the importance of their market studies and short, medium and long-term forecasts, and will continue providing its experts’ forecasts and global perspective” said Garanti BBVA’s CEO, Recep Baştuğ.

London-based Consensus Economics studied the responses to monthly surveys on 2020 GDP forecasts and consumer prices published between January 2019 and December 2020. In its evaluation, it used mean absolute error analysis to compare these forecasts with the actual data outturns. The economic survey organization conducts monthly surveys in 115 countries, with forecasts from more than 700 economists on some 2,000 macroeconomic indicators


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