OECD Optimistic About Turkish Economy
World Economy

OECD Optimistic About Turkish Economy

Angel Gurria, the secretary-general of the Paris-based OECD, has said the Turkish economy is “picking up” and would grow 4% next year.
On the sidelines of the Organization for Economic Cooperation and Development’s annual retreat meeting in Istanbul on Friday, Gurria told Anadolu Agency that the global economy is slowing down.
“Investment is dormant. Trade is now growing less than 3%. It should be going 5-6%,” Gurria said.
The Mexican diplomat stressed that he was worried about the US Federal Reserve and Chinese economic growth: “China is going to be all right, but slowing down,” he said.
The world economy has been affected by uncertainty over a possible US Federal Reserve rate hike, the ongoing slowdown in the Chinese economy and weak commodity prices.
The Fed is set to decide whether to increase interest rates for the first time since 2006; Federal Reserve Governor Janet Yellen said in a speech on Sept. 22 that a rate hike would take place this year.
There is concern among investors that a rate hike will spur an outflow of funds from emerging markets, as it did in January 2014.
Amid a grim outlook on the world economy, Gurria said the Turkish economy would grow 3% this year and would grow 4% next year. “Turkey is picking up,” Gurria added.
The Turkish economy grew 3.8% in the second quarter, according to Turkish Finance Ministry statistics. Industrial production was up 0.3% in July, TurkStat said, and domestic demand was up 0.4% in the same month.
With foreign direct investment still substantial, at $9.71 billion from January to July, according to the central bank, Turkey is holding out well despite the difficult global climate for investment.

Short URL : https://goo.gl/Wf9Je8
  1. https://goo.gl/9tkfJT
  • https://goo.gl/epRlHd
  • https://goo.gl/YlXj8y
  • https://goo.gl/Mi3pyK

You can also read ...

India is too poor to grow without exporting.
A trade war would bring forward the next financial crisis...
Turkey’s January industrial output rose an annual 12%.
The International Monetary Fund on Thursday revised up its...
Online searches for “bitcoin” fell 82% from December highs.
Suddenly, Bitcoin seems a bit boring. It might be hard to...
Global consumer confidence Primary Index in March has risen to 50.6, tying the record high set in January 2018.
Simmering fears of a global trade war; an embarrassing...
MSS Market in ASEAN Shows 22.3% Growth
The Managed Security Services market in ASEAN continued its...
EBRD’s First Lebanon Deal
The European Bank for Reconstruction and Development has made...
Nippon Steel seeks a sharper edge in specialty products.
Nippon Steel & Sumitomo Metal will buy Swedish counterpart...
Singapore Exports Fall
Singapore’s key non-oil domestic exports unexpectedly declined...