Bloomberg - Turkey’s economy may expand “close to five percent” this year, according to Durmus Yilmaz, Governor of the Central Bank of the Republic of Turkey. Yilmaz said the expansion will be faster than the government’s forecast which was made public at a Euromoney conference held on Wednesday in Vienna. Turkey’s Finance Minister Mehmet Simsek had previously said that the government’s “conservative” estimate of a 3.5 percent expansion was based on its medium-term economic plan.
Turkey’s economy is recovering from a contraction of about six percent last year, according to government estimates. The country survived the global crisis without assistance from the International Monetary Fund (IMF) and is still discussing a possible loan from the international lender. Turkey needs external financing “for growth purposes,” not to help the country manage any economic crisis, Yilmaz stressed on Wednesday.