12/11/2009

Merrill Lynch: Turkey to grow 4.5 percent in 2010

Bugun - While the global economic crisis-hit EU economies are trying hard to recover on the back of government support, Turkey has become the only European country to up its rating from multiple credit rating agencies. While the countries whose ratings saw a cut include Spain, Greece, Hungary and Ireland, Portugal’s outlook switched to “negative”. Credit rating agencies upped the ratings of only 13 countries last week, including Turkey. Analysts believe the country’s credit rating is set to become “investment grade” in a couple of years as Turkey is increasingly seen as the favorite route for investors leaving European countries. The latest praise has come from Merrill Lynch, which forecasted a 4.5 percent growth for the Turkish economy in 2010. “Turkey’s conditions are similar to Brazil’s after 2001”, said Merrill Lynch Economist Turker Hamzaoglu, adding that the country’s growth in the coming years may be “surprising”.