W.Bank official estimates around 4.5 growth for Turkey

A senior official of the World Bank said Monday Turkey could grow around 4 or 4.5 percent in 2010, a bit higher than official growth projections.

W.Bank official estimates around 4.5 growth for Turkey


A senior official of the World Bank said Monday Turkey could grow around 4 or 4.5 percent in 2010, a bit higher than official growth projections.

At a conference held in Ankara to unveil a report on global economic expectations, Ulrich Zachau, World Bank's country director for Turkey, said that government's official projection was 3.5 percent.

Turkish economy has contracted in four consecutive quarters this year. First, the economy slowed down following a growth period in seven years in a row, and then it shrank 6.5 percent in the last quarter of 2008. Turkish economy contracted 3.3 percent in the third quarter of 2009 and 8.4 percent in first three quarters of the year.

Zachau said risks still exist for Turkish economy, however, he said 2010 would be brighter than 2009 for Turkey.

Stating that Turkey was one of the leading crisis-affected countries last year considering real economy, Zachau warned that Turkey should take into account risks as they are "still out there somewhere." Nevertheless, he said, Turkey was in a better financial position than many other countries.

He said unemployment was still a structural problem for Turkey, adding that unemployment figures had showed downward trend recently, but he stated that decline in unemployment would continue to remain a little bit slow.

Pointing out the importance of recent rating upgrades by international credit rating agencies, such as Moody's and Fitch, Zachau said that global markets appreciated Turkey's macroeconomic policies.


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Last Mod: 02 Şubat 2010, 12:06
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