The Turkish economy is likely to have expanded 3.8% last year, PM Recep Tayyip Erdogan said on Tuesday.
Q4/2013 data is not available yet, but he believes the economy grew at a rate of 3.8% in 2013, making Turkey one of the five fastest growing countries in the Organisation for Economic Cooperation and Development (OECD), Erdogan said. The government’s medium-term programme had predicted a GDP growth rate of 3.6% for 2013.
The government forecasts a GDP growth rate of 4% for this year which analysts think too optimistic given the turmoil in emerging markets and measures taken by the authorities to curb domestic demand. A Central Bank’s regular survey found out last month that the Turkish economy is expected to grow 3.2% this year, lower than the 3.7% growth estimate in the previous survey.
The Central Bank aggressively raised interest rates in an attempt to halt the depreciation of TRY but it did not help. The on-going political turmoil also puts additional pressure on TRY.
Last month, the EBRD cut the 2014 GDP growth forecast for Turkey to 3.3% from a previous 3.6%, citing monetary tightening and an increase in financing costs linked to higher political risks. The World Bank and IMF both expect the Turkish economy to expand 3.5% this year.
Turkish President Recep Tayyip Erdogan received a warm welcome from his Polish peer Andrzej Duda on October 17, as Warsaw said it supported Ankara’s formally ongoing bid to become a member of the ... more
Poland will skip no touchy topics in talks with President Recep Tayyip Erdogan, visiting Warsaw on October 17, the office of President Andrzej Duda said ahead of the visit by the Turkish leader, ... more
Turkey's President Recep Tayyip Erdogan said on October 13 that he plans to hold talks with both public and private lenders on how to lower interest rates. He did not say, however, when those ... more