31 May 2010, MondayIMF team speaks highly of Turkish economy
An International Monetary Fund (IMF) team, led by IMF Turkey desk chief Rachel van Elkan, has praised the Turkish economy’s performance in its assessment statement, prepared after completing its consultations in Turkey within the context of the Article IV process.
In its concluding statement, the IMF mission spoke highly of the performance of the Turkish economy, predicting that it will continue to grow at a rate of around 6.25 percent this year.
However, the team warned that the growth will be accompanied by a rising current account deficit and above-target inflation in the near term.
In its report, the IMF stressed that the Turkish economy entered the global financial and economic crisis following a six-year surge in growth that was fuelled by far-reaching policy reforms and greater political stability. “The reforms of the past decade, particularly fiscal discipline, the introduction of inflation targeting and an overhaul of financial sector oversight, together with political stability and the opening of EU accession negotiations, significantly improved confidence in the management of the economy,” the report read.
The policy reforms kept pre-crisis vulnerabilities more contained than elsewhere in the region, the IMF mission underlined, adding that they “enabled Turkey to better weather the ensuing international economic and financial disruption.”
The policy reforms kept pre-crisis vulnerabilities more contained than elsewhere in the region, the IMF mission underlined, adding that they “enabled Turkey to better weather the ensuing international economic and financial disruption.”
As part of the consultations, which lasted for two weeks and included official meetings with authorities in Ankara, the IMF team also met with representatives of the private sector and relevant nongovernmental organizations in İstanbul. Within the context of the consultations, the latest economic developments and the medium and long-term outlook of the Turkish economy were discussed in addition to the country’s efforts regarding ongoing structural reforms.
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