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IMF: Turkish economy to grow 3.8% in 2016

by ChemOrbis Editorial Team -
  • 13/04/2016 (14:36)
According to media reports, recent forecast revisions from the International Monetary Fund (IMF) showed that the Turkish economy is expected to grow by 3.8% this year and 3.4% next year, compared with growth forecasts of 3.2% and 3.6% in February, respectively.

The IMF’s year-end inflation forecast stands at 9.8% for 2016 and 8.8% for 2017 while its forecasts for the current deficit rate/GDP rate stand at 3.6% for 2016 and 4.1% for 2017. Meanwhile, the IMF expects the unemployment rate to reach 10.8% this year from 10.2% a year earlier before moderating to 10.5% in 2017.

The IMF also highlighted that higher minimum wages would boost domestic demand despite geopolitical uncertainty, weaker credit growth and external demand in its World Economic Outlook report.
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