World Bank leaves growth forecast for Turkey unchanged

Published 08.06.2016 23:28
Updated 08.06.2016 23:30

In its June Global Economic Outlook report, the World Bank left its forecast for Turkey unchanged at 3.5 percent regarding its prospective growth rate in 2016 and 2017, adopting a relatively more optimistic approach on Turkey compared to the global economic growth rate, which it revised down from 2.9 percent to 2.4 percent for 2016. The bank revised Turkey's global forecast up 0.2 percent to 3.6 percent for 2018.

The report said the Turkish economy has been strong in the first half of the year, considering industrial production, export and retail sales. The report also listed positive and negative factors affecting the Turkish economy.

While terrorism, geopolitical tensions and the ailing tourism sector might affect growth negatively, the report emphasized the strong domestic demand despite two elections in 2015 and rising geopolitical risks and the declining trend in the oil prices that help narrow the trade deficit.

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