Moody's revises Turkey's rate for 2020 and 2021 from minus 5% to 1.1%, from 3.5% to 4%, respectively. 

Moody's on Wednesday revised Turkey’s economic growth forecast to 1.1% for 2020 from a 5% contraction and 3.5% for 2021 from 4%.

According to a report published by Moody's, the country's rate for 2022 was also revised up from 4% to 5%.

The report noted gross domestic product (GDP) is expected to increase in all G20 economies.

"But some countries may take longer than others to return to full capacity. Fiscal and monetary policy response will play an important role in this as well as the management of the pandemic."

G20 countries are expected to grow by 5.3% in 2021 and 4.5% in 2022, while the rate in the eurozone is estimated to be 3.7% this year and 3.9% next year.

On the other hand, the report pointed out the growth rate in the eurozone contracted around 7.1% in 2020.

The eurozone represents member states of the EU that use the single currency -- euro.

The report also underlined that the US economy is expected to grow by 4.7% in 2021 and 5% in 2022.