12/9/2010

Turkey to become the fastest growing country in Europe

Today’s Zaman - According to Turkey’s State Minister for Economy Ali Babacan, the recent increase in the October industrial production index shows that the predicted year-end growth rate will be revised upwards.

“Industrial output increased by 9.8 percent in October. The recovery in Turkish industry started in October 2009, and now we see a significant increase in the industrial production index. This shows that we, as the government, need to revise year-end growth expectations upwards,” said Babacan. The Minister also mentioned that the Turkish economy grew by 11 percent in the first six months of this year.

“The European Union, the International Monetary Fund [IMF] and the Organization for Economic Cooperation and Development [OECD] indicate their year-end growth rate expectations for Turkey as 7.5, 7.8 and 8.2 percent, respectively. This shows that Turkey will be the fastest growing nation in Europe, both this year and next year,” added Babacan.
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turkey; industrial production; Turkish industry; economic growth; growth rate; ali babacan