World Bulletin / News Desk
Aided by fiscal and monetary policies that led to “a much stronger-than-expected rebound”, Turkey's economic growth projection for 2017 was revised up to 6.7 percent from 4 percent, the World Bank Group said Tuesday.
"The significant rebound in Turkey’s growth last year -- to 6.7 percent, from 3.2 percent in 2016 -- was supported by fiscal stimulus aimed at expediting recovery from the economic repercussions of the 2016 failed coup attempt," according to the bank’s Global Economic Prospects report.
Export growth also increased due to higher demand from the European Union (EU) and Turkey's currency depreciation in 2016, the World Bank said.
In addition, strong growth the working-age population supports a positive outlook for the country's potential growth.
The World Bank warned that rising disagreements among some countries with the EU could deter international investors and lead to an end to EU accession for Turkey.
"Growth in Turkey is projected to moderate to around 3.5 percent in 2018, as the impact of the 2017 fiscal measures fades," the report said.
The Word Bank expects Turkey's economy to expand 4 percent in 2019 and 2020.
In a statement, it said this reduction in the tax burden would however lead to a slower drop in the public deficit this year, which it predicts will reach 2.5 percent of GDP -- still below the 3.0 percent limit set by the European Union.
Ryanair said it has agreed to pay the sum for a majority 75-percent holding in Vienna-based LaudaMotion from the former Formula One motor racing champion.
The tech-rich Nasdaq Composite Index dropped 1.8 percent to close at 7,344.24.
CPI’s 12-month rate in February fell from 3 percent, official data reveals
Cement exports have gone up 6.9 percent to reach around 8 million tons, year-on-year, in 2017
BIST 100 rises 0.51 pct; USD/TRY exchange rate drops and EUR/TRY exchange rate stays
Of the major indices, Facebook weighed most heavily on the tech-rich Nasdaq Composite Index, which was down 0.9 percent to 7,411.34 about 20 minutes into trading.
Company to release new commercial and defense products, head of company says
EA19's exports and imports rise 9.1 percent and 6.3 percent, respectively, year-on-year in January
Micro Focus warned in a statement that year-on-year revenues had fallen by more than anticipated since January, sending its shares slumping 55.88 percent to 831.40 pence.
Economy minister: Ankara 'absolutely' against Russia's limit on number of companies importing Turkish tomatoes
Turkey's assets abroad climb 2.1 pct at end of January 2018, compared with end-2017, according to Turkish Central Bank
BIST 100 opens 0.04 pct lower, Turkish lira loses value against foreign currencies
Listed shares in BIST 100 rise 0.01 percent; US dollar/Turkish lira rate climbs over 3.90; EUR/TRY stands at 4.80
Turkey bridges Muslim world and West, according to General Council for Islamic Banks and Financial Institutions
Britain intends to seek free trade deals with its major trading partners once it leaves the EU, as planned, in March 2019.