OECD cuts down 2012 GDP growth forecast for Turkey to 2.9%.

By bne IntelliNews November 28, 2012
The Turkish economy is expected to grow by 2.9% in 2012 while growth is projected to regain momentum on the back of recovering domestic demand rising to 4.1% in 2013 and to 5.2% in 2014, the OECD said in its latest Economic Outlook Report. The OECDs GDP growth projection for 2012 was a higher 3.3% in the previous Outlook Report released in May. Monetary policy should continue to focus on disinflation, fiscal policy could play a more active countercyclical role if international and domestic conditions worsen, the report added. The OECD expects inflation rate to be 9.1% in 2012, and decline to 6.9% in 2013 and 6.1% in 2014. The organisations current account deficit projections for 2012 and 2013 are 7.2% of GDP and 7.3% of GDP, respectively.

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