Strong Re­bound Prompts Up­ward Re­vi­sion for Turkey


WASHINGTON (Dis­patches) - The Turk­ish econ­omy’s strong re­bound that be­gan late last year is “the main rea­son for the up­ward re­vi­sion” in coun­try’s growth fore­casts, a top of­fi­cial at the IMF said Tues­day.

The “econ­omy has al­ready achieved pretty high growth for 2017 just with the level of out­put that it has reached at the end of the sec­ond quar­ter,” ac­cord­ing to deputy re­search direc­tor Gian Maria Milesi-Fer­reti who spoke dur­ing a news con­fer­ence in Washington that un­veiled the bank’s flag­ship World Eco­nomic Out­look re­port.

In the re­port pub­lished ahead of the an­nual IMF - World Bank meet­ings, Fund econ­o­mists fore­cast Turkey’s econ­omy to grow by 5.1 per­cent in 2017, up 2.6 per­cent­age points com­pared to a pre­vi­ous fore­cast of 2.5 per­cent. Growth in Turkey is pre­dicted to speed up to 3.5 per­cent from 3.3 per­cent in 2018.

The fore­casts are re­mark­able given regional in­sta­bil­ity, in­clud­ing Turkey’s com­mit­ment to erad­i­cate ter­ror groups do­mes­ti­cally and be­yond its own bor­ders, and Ankara’s re­silience fol­low­ing a failed deadly putsch in July 2016.

Turkey’s econ­omy grew 5.2 per­cent in the first quar­ter of 2017 and 5.1 per­cent in the sec­ond quar­ter, com­pared to the same pe­ri­ods in 2016, ac­cord­ing to the Turk­ish Sta­tis­ti­cal In­sti­tute (Turk-Stat). “Turkey has been helped by the over­all de­cline in oil prices as a big im­porter and a very be­nign market en­vi­ron­ment” Milesi-Fer­reti said.But de­spite the rosy out­look, Milesi-Fer­reti cau­tioned the Turk­ish econ­omy faces vul­ner­a­bil­i­ties that could cause strains in a more dif­fi­cult market en­vi­ron­ment.

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