Economic outlook for Turkish economy is improving
The economic outlook for the Turkish economy is strong, according to a report from the Organisation for Economic Co operation and Development.
It predicts that gross domestic product is due to grow by 3.5% in 2010 and increase by a further 4.5% in 2011. The figures are part of a global report that suggests signs of recovery from the recession are appearing in more countries.
Recommendations were given for the government to maintain the growth in investor confidence and introduce new measures to increase business competitiveness.
As predicted, Turkey's Central Bank cut its benchmark lending and borrowing rates by 0.25 percentage points to 6.5%. This is the latest in a number of cuts since last November which have seen a significant reduction in interest rates.
The outlook for Turkey is much stronger than that of the euro area, which is predicted to grow by 2.5% in 2010 and just 2.8% in 2011. This suggests that the country offers a better prospect for foreign investment, particularly in the improving property market, than the European Union.
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