Wednesday, 20th February 2013
Turkey: Economy in 2012
From the Abstract:
The ongoing debt crisis in EU countries and shrinking of the global economy in 2012 provoked pessimistic scenarios regarding economic growth, causing developed and developing countries to revise down their economic growth plans. Due to high dependency on imports and low-value-added production, economic growth resulted in a swift increase in Turkey’s current account deficit in 2011. Therefore Turkey had to choose between economic growth and current account deficit in 2012. As a result, the growth target for 2012 set out in 2012-2014 Medium Term Program was reduced from 4 percent to 3.2 percent in 2013-2015 Medium Term Program.
In the first nine months of 2012, Turkey recorded a 2.6 percent growth rate. Despite pessimistic outlook in the global economy, Turkey achieved a positive economic growth owing to its export rate. Despite the debt crisis in Eurozone in 2011 Turkey increased its market share and ensured geographic diversity. This gave positive impetus to exports. Increase in foreign trade volume continued in 2012 and a net export-weighted economic growth was achieved. The Central Bank is expected to cut interest rates so that exports and domestic demand contribute to economic growth in the upcoming periods. The cuts in the policy interest rate will lead to a substantial decrease in credit interests and will also contribute to the boom in economic activity.
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By Adrian Janes
Having begun his career in academic libraries, Adrian Janes is currently an Information Services Librarian with the London Borough of Havering.
In this role, he has particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by Free Pint Ltd. in 2007. He is also involved in training and publicising online reference resources and is a regular contributor to DocuTicker.
Adrian can be reached at email@example.com
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