The biannual OECD report on economic outlook by countries said Turkey’s recovery which started in the second quarter of 2009 has remained strong during 2010.
Thursday, 18 November 2010 16:10
The Organization for Economic Cooperation and Development, OECD, forecast that Turkey would grow by 8.2 percent in 2010, 5.3 percent in 2011 and 5.4 percent in 2012.
The biannual OECD report on economic outlook by countries said Turkey’s recovery which started in the second quarter of 2009 has remained strong during 2010.
“GDP growth is projected to exceed 8 percent this year, and to remain above 5 percent in 2011 and 2012 as the post-crisis rebound of exports, consumption and investment tapers off,” the report said.
The authorities have announced that both fiscal and monetary policy will be tightened gradually, and a prudent medium-term economic program was published in October, it recalled.
“Any additional gains from stronger-than-projected growth should be saved, to avoid pro-cyclical spending. Continuing with structural reforms to boost productivity and job creation in the formal sector would help anchor more balanced and sustainable growth,” it said.
The report forecasts that Turkey’s current account deficit would increase until 2012. It estimates the deficit will stand at 5.1 percent this year, 5.7 percent in 2011 and at 6.3 percent in 2012.
According to the OECD report, unemployment rate will be seen at 12 percent in 2010, and then show a gradual decline at 11.7 percent in 2011 and 11 percent in 2012.
It also sees hike in consumer prices at 8.5 percent this year, 6.9 percent in 2011 and 6.4 percent in 2012.
AA
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