Turkey’s economy is expected to grow 8.2 percent

Turkey’s economy is expected to grow 8.2 percent year-on-year in 2010 as the Organization for Economic Cooperation and Development (OECD) forecast Thursday, local media reported.

The country’s economic recovery from the recession since the second quarter of last year has maintained a strong momentum this year, the semi-official Anatolia news agency reported, citing an OECD report.

“The GDP (gross domestic product) growth is projected to exceed eight percent this year and to remain above five percent in 2011 and 2012 as the post-crisis rebound of exports, consumption and investment tapers off,” the report said.

Turkey’s economy slumped by 4.7 percent last year as a fallout of the global financial crisis, but spearheaded with an 11.7 percent expansion in the first quarter of this year and a 10.3 percent growth in the second quarter.

The central bank has slashed interest rates to support the crisis-hit economy, but authorities have announced both fiscal and monetary policy will be tightened gradually.

Leave a Reply