11/14/2013

Turkey among top 5 fastest growers in G20 – Moody’s report

Yeni Safak – Turkey’s forecasted economic growth in the coming years is among the world’s highest, according to a report by the rating agency Moody’s. The report, titled "Global Macro Outlook 2013-15” puts Turkey among the top 5 fastest growing members in the G20 group, comprising the world’s 20 major economies.


Turkey, with an expected GDP growth rate between 3-4 percent for 2013 ranks 5th in this year’s forecast and climbs to 4th place for the 2014-15 period with an increased estimate of 3.5-4.5 percent of growth.


While ranking behind Far Eastern and Southeast Asian economies, Turkey far outpaces developed Western countries, which are expected to register miniscule growth or no growth at all in the given period.


The forecasts in Moody’s report is largely in line with the Turkish government’s Medium Term Program for 2014-16, announced last October, which foresees 3.6 percent of GDP growth for 2013 and 4 percent for 2014.


Turkey’s annual GDP growth stood at 2.2 percent in 2012, following the impressive growth rate figures of 9.2 and 8.5 percent in 2010 and 2011 respectively. A projection by the Organization for Economic Cooperation and Development (OECD) puts Turkey’s average annual growth at 5.2 percent for the years between 2012 and 2017.

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