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Standard & Poor's raises 2015 growth forecasts for Turkey

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/10/2015 (14:15)
According to media reports, ratings agency Standard & Poor’s (S&P) raiseed its 2015 economic growth forecast for Turkey to 3.1% from its previous estimate of 3.0%. However, the agency lowered its expectations for next year to a growth rate of 2.8% from its earlier projection of 3.2%.

S&P stated that Turkey’s gross domestic product exceeded their expectation in the first half of this year owing to a surprising surge in private investment in the second quarter. However, the agency thinks that Turkey will be unable to sustain this stronger performance as the weak global economy including a persistently slowing Chinese economy, upcoming elections and ongoing political uncertainty will further weigh down on the country’s economy.

Previously, the IMF lowered its growth estimate for Turkey for 2015 to 3% from the previously estimated growth rate of 3.1%.
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