The IMF released the World Economic Outlook where it says it revised 2011 GDP growth forecast for Turkey to 6.6% from 8.7% in July. The Fund sees Turkeys GDP growth at 2.2% in 2012, also a downward revision from Julys 2.5%. The IMF revised its inflation forecast for 2011 up to 6% from 5.5% and up to 6.9% from 6.4% for 2012. The Fund expects the countrys current account deficit to be 10.3% of GDP this year (downward revision from Julys 10.5%) and narrow to 7.4% in 2012. In the report, the IMF says that Turkey is experiencing a boom, driven to a large extent by overly accommodative policies but stepped-up fiscal consolidation is needed to strengthen fiscal accounts and build fiscal room in the event of a sustained reversal in capital inflows and also to stave off inflation pressure. |
The jailed leader of the PKK, Abdullah Ocalan, called for a ceasefire on Thursday, ordering armed PKK militants to withdraw from Turkey. Hundreds of thousands of people gathered in the city of ... more
The Syrian government said the rebel groups foreign supporters, Turkey and Qatar, were responsible for a chemical attack in Aleppo. The countries that back and support the rebels, including ... more
US secretary of state John Kerry was in Ankara on Friday for talks with the Turkish leaders, including PM Recep Tayyip Erdogan and President Abdullah Gul, focused on the crisis in Syria, ... more