IMF revives 2011 GDP growth forecast for Turkey down to 6.6%.

By bne IntelliNews September 21, 2011
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.

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