ANKARA: The Turkish government has revised down its 2012 growth forecast to 3.2 percent from 4.0 percent, Deputy Prime Minister Ali Babacan announced on Tuesday.
"We expect a 3.2 percent increase in gross domestic product in 2012 in Turkey," Babacan told a news conference in Ankara.
Babacan, who is in charge of the government's economy policies, tied the expected decline to the global economy and the financial crisis in eurozone countries, Turkey's main economic partners.
Turkish economy recorded spectacular expansion in 2010 and 2011, with 8.9 and 8.5 percent growth, to rank among the world's fastest-growing economies.
But its expansion started slowing down in the last quarter of 2011, with a growth rate of 5.2 percent -- considered a healthy slowdown by Ankara.
Analysts say the slowdown was not a surprise in view of the negative effects of the eurozone crisis.
But Babacan remained hopeful, saying "2013 will be much better than 2012.
Comments
Comments are closed.