OECD forecasts increase in Turkey's growth

The Organization for Economic Cooperation and Development (OECD) forecast that on Tuesday that Turkey would grow by around 4 percent in 2014 and 2015.

OECD forecasts increase in Turkey's growth

World Bulletin / News Desk

The Organization for Economic Cooperation and Development (OECD) forecast Tuesday that Turkey would grow by around 4 percent in 2014 and 2015.

The biannual OECD report on countries’ economic outlook said Turkey’s growth strengthened in the first half of the year, driven by a surge in public infrastructure and robust private consumption.

“Since May, international capital market turbulence has pushed interest rates up and the exchange rate down. Financing and credit conditions nonetheless remain supportive and export growth should increase as global demand recovers. Preserving hard-won confidence in the integrity of macroeconomic management is crucial” the report said.

According to the OECD’s “Turkey - Economic forecast summary (November 2013): “The general government fiscal accounts should be made more transparent. The quality of banking supervision should be preserved, notably by keeping the growth of consumer and SME loans under close surveillance.”

“Given the magnitude of external financing needs, the projected widening of the external deficit could call for cooling-off measures even if the economy is running below,” it said.

The organization, a 34-nation policy forum for developed democracies, revised that the world economy will probably expand 2.7 percent this year and 3.6 percent next year, instead of the 3.1 percent and 4 percent predicted in May 2013.

Last Mod: 19 Kasım 2013, 17:22
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