EU Council raises Turkey’s GDP growth forecast for 2019


European Council’s report, “Autumn 2019 Economic Forecast,” on Thursday raised its growth expectation for Turkey’s GDP this year from minus 2.3% to 0.3%.

The report, of which previous version was released last Spring, also expected that the Turkish economy will grow 3.1% in 2020 and 3.5% in 2021.

Meanwhile, the report’s previous 2020 forecast for GDP growth was 3.9%.

“The economy recovered faster than expected from last year’s currency crisis, supported by a large fiscal stimulus and strong growth contribution of net exports,” the report said.

The Turkish economy grew 7.4% in 2017 and 2.6% last year.

The country’s new economic program, released at the end of this September, suggested a growth target of 0.5% this year, and 5% for the next three years.

The report also forecasted unemployment rate to drop to 13.7% this year, 13.3% next year and 12.9% in 2021.

Consumer Price Index — also known as inflation rate — is to stand at 15.3% in 2019, 10.3% in 2020 and 9.3% in 2021 according to the report’s expectations.

The report’s growth expectations were 1.4% for the EU, 1.1% for the eurozone, 1.7% for advanced economies, 3.9% for emerging and developing economies and 2.9% for the world economy in 2019.
Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.

AdvertisementThe new Emirates Premium Economy has arrived on the latest Emirates A380 Emirates Get the best value from your summer holiday with exclusive offers and discounts across Dubai and the UAE with Emirates Pass

What do you think?