World Bank sees GDP growth for Turkey at 6.3% this year.

By bne IntelliNews June 11, 2010
In the Spring 2010 Global Economic Prospects report the World Bank revised its GDP growth projection for Turkey to 6.3% from the initial 3.3%. The banks also expects the Turkish economy to grow 4.2% next year and 4.7% in 2012. The recovery in Turkey, which began in the second quarter of 2009, is overwhelmingly driven by a firming in consumer and business demand, supported by tax cuts on durables consumption as part of fiscal stimulus measures, the report reads. The World Bank also argues that rising inflationary pressures could translate into appreciation of the currency through higher import costs and hurt competiveness, which along with weak demand in export markets and a tightening of monetary and fiscal policies is expected to contribute to a slowing of growth in 2011 and 2012. However, recent depreciation pressure on the Turkish lira, due to concerns on financing debt in some high-income European countries, might offset some of the negative impacts stemming from weak external demand on exports, according to the World Bank. On a related note, PM Recep Tayyip Erdogan says that the GDP growth may be between 6% to 7% this year.

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