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BİRGÜN DAİLY 29.11.2016 11:47

OECD Report: Turkey’s growth rate falls to 2.9%

OECD Report: Turkey’s growth rate falls to 2.9%

OECD’s report on Turkey’s economic performance for the month of November indicates that the current GDP growth rate of the country stands at 2.9%. At the beginning of this year, Turkey had a growth rate of 3.9%.

Referring to the ongoing restless political outlook in Turkey and its surrounding regions, the report predicted the economy will continue slowing during the remainder of 2016, as well as, most of 2017, but will gradually rise up towards 2018.
Following statements were included in the report:

“GDP growth is estimated to have slowed to under 3% in 2016, but is projected to pick up gradually to around 3¾ per cent by 2018. The Turkish economy continues to face geopolitical headwinds and unsettled political conditions, after having weathered a coup attempt in July and engaged in military operations in Syria.

Uncertainties are high but fiscal, prudential and monetary policies are supportive and should spur household consumption from late 2016 onwards. New and generous incentives have been introduced to stimulate business investment, which, however, has stayed subdued so far. For private investment to pick up, it is important to durably restore confidence by implementing high-priority structural and institutional reforms.

The hard-won fiscal room gained through prudent budget policy enabled the authorities to phase in several counter-cyclical measures. The Medium-Term Economic Programme 2017-2019 published in early October announced further, and welcome, infrastructure investment. A transparent and integrated framework for the planning, procurement and fiscal management of large infrastructure projects, including those undertaken through public-private partnerships, would reduce their costs and create room for other growth-friendly spending, such as on education.”

Source: http://www.birgun.net/haber-detay/oecd-turkiye-nin-buyume-tahminini-dusurdu-137383.html

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