Turkey to grow by 4.6 percent this year, IMF report says

Turkey’s gross domestic product, which grew 8.2 percent in 2010, is expected to register a 4.6 percent growth rate this year, according to a recent report from the International Monetary Fund, or IMF.

The 2011 World Economic Outlook report of the IMF read that the global economy will grow by 4.4 percent this year and by 4.5 percent in 2012. IMF published the first and second parts of the report Monday.

The economic outlook report expects Turkey’s GDP to grow by 4.6 percent this year and 4.5 percent in 2012. Rapid economic recovery in Turkey is forecasted to continue according to the economic outlook report of the IMF. The consumer price index, which grew by 8.6 percent in annual basis last year, is expected to show a 5.7 percent increase in 2011 and 6 percent in 2012.

According to the IMF report, while Turkey’s proportion of current account balance to GDP was minus 6.5 percent, this ratio is forecasted to be minus 8 percent in 2011 and minus 8.2 percent in 2012. The IMF report predicts Turkey’s unemployment rate, which was 11.9 percent last year, to be 11.4 percent in 2011 and 11 percent in 2012.

The report highlighted that even though the economic growth follows a low level in developed economies, unemployment rates remain high. However in developing economies, there seems to be a strong growth rate and low unemployment rate, the report read.

In developed economies the annual economic growth rate is expected to be 2.4 percent this year and 2.6 percent in 2012. In the developing countries, this figure is expected to be 6.5 percent.


/Hurriyet Daily News/