World Economy

Turkey Growth to Decline

Turkey Growth  to DeclineTurkey Growth  to Decline

Turkey’s economy is expected to grow only 3% this year, a reduction from the government’s target of 4% growth, Deputy Prime Minister Cevdet Yilmaz told Anadolu Agency on Sept. 11. The target set by the government’s medium-term economic program may be cut by 1 percentage point due to volatility in global markets and political uncertainty ahead of snap-elections, Yilmaz said. “Indicators showed that Turkey grew 3.1% in the first six months of the year. I can say that annual growth at the end of the year may reach 3%. But, to give an exact number, we should expect the announcement of the revised medium-term economic program,” Yilmaz said. “And in such a challenging global economy, growing 3% is a significant success,” he added. In the second quarter of 2015, Turkey was the third fastest-growing country in Europe with 3.8% growth year-on-year after Malta and the Czech Republic, according to figures from Eurostat and the Turkish Statistics Institute.