Emerging markets face slowdown in growth

Global economic growth was predicted around 3% in 2013 and 3.5% in 2014 given the current state of global economy.

Emerging markets face slowdown in growth

World Bulletin/News Desk

Rising market economies face two sided hardships originating from slowing down of growth and tighter global financial conditions, an IMF analyst said.

Speaking in the presentation of World Economic Outlook (WEO) Report in Turkey's Istanbul city on Monday, Andrea Pescatori said global economic growth was predicted around 3% in 2013 and 3.5% in 2014 given the current state of global economy. 

Saying two important differences revealed in the report, when compared to the former one, Pescatori stressed one of those was an expected taper in financial markets and the other one as the slowing down of emerging markets.

"This year, we went for a revision for the world and decreased the percentage from 3.1 to 2.9. We believe the world economy will grow stronger in 2014 than this year. The growth will be 1% higher in the US in 2014. We expect an economic recovery in the Euro zone in 2014, which is equal to 1.4%, and the same figure for Japan," Pescatori said.

Also speaking at the Istanbul event, head IMF's Resident Representative Office in Turkey Mark Lewis stated Turkey's process of economic growth achieved stability.

"The important thing here is that the basis of growth shifts from foreign demand to domestic-based demand. This process has started and we can see it clearly," Lewis said.    

Presentation of World Economic Outlook (WEO) Report, published twice a year, includes analysis and predictions by the International Monetary Fund (IMF) over global economic developments as well as in basic country groups and in individual countries.

Monday's event was organized by the Banks Association of Turkey (TBB) and IMF Office in Turkey.

Last Mod: 21 Ekim 2013, 17:16
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