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Turkey slashes growth forecasts to "most negative" scenario

The Turkish government cut its economic growth outlook and raised its inflation and unemployment forecasts

Turkey slashes growth forecasts to "most negative" scenario
05 10 2016, 15:53

 

In its medium-term program, the government said it now expects the economy to grow , 2 percent this year and 4,4 percent in 2017, down from 4,5 percent and 5 percent forecasts in the program it issued in January.

The economic program forecast consumer price inflation of 7, 5 percent at the end of this year and 6,5 percent in 2017, raising the forecast for next year from a previous 6,0 percent.

Yildirim said the government was determined to reduce inflation, forecasting a level of 5 percent in 2018 and 2019.

The unemployment rate is forecast at 10,5 percent this year, remaining above 10 percent for the next two years before dipping to 9,8 percent in 2019. The jobless rate was previously seen falling to single digits in 2017.

Next year, exports were seen at $153 billion and imports at $214 billion, while privatization revenue was seen dipping to 13 billion lira ($4.3billion) in 2017 from 15 billion lira in 2016, Finance Minister Naci Agbal told during a news conference.

The government forecasts current account deficit of 4,3 percent of gross domestic product this year, up from a previous forecast of 3,9 percent. The budget deficit was seen rising to 46,9 billion lira in 2017 from 34,6 billion lira this year.

 

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