Turkey's economy weakening due to closure case': OECD report

The report estimated a declining growth rate below 4 percent in 2008, before rising to about 4.5 percent in 2009.

Turkey's economy weakening due to closure case': OECD report
The Organization for Economic Cooperation and Development (OECD) said Wednesday that deteriorating conditions in the international financial markets and political uncertainty due to a closure case filed against Turkey's ruling party continued to weaken confidence in the country.

"The deceleration of growth through 2007 appears to be extending into 2008 as unfavourable international conditions and domestic political uncertainty continue to weaken confidence in Turkey," said an OECD economic outlook report.

The report estimated a declining growth rate below 4 percent in 2008, before rising to about 4.5 percent in 2009.

"In a context of uncertainties on a broad range of public governance conditions, maintaining confidence in the resilience of economic policies is important. Following the expected termination of the Stand-By Agreement with the International Monetary Fund in May, the announcement of additional initiatives on fiscal transparency and rules and structural reforms, would help increase confidence and accelerate the economic upturn," the report said.

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Güncelleme Tarihi: 04 Haziran 2008, 15:45
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