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"The International Monetary Fund has increased its forecast for growth in the Turkish economy for the second time in the last 12 months.
In its World Economic Outlook Report in October 2009, The IMF forecast that the Turkish economy would grow 3.7% in 2010. This was raised to 5.2% in April, and has now been raised again to 7.8%. The IMF believes that growth will slow to 3.6% in 2011.
The foretold slowdown next year is expected (by the IMF) to start in the second half of this year. This is apparent, because official data shows Turkish GDP has grown 11% in the first half of the year, so to grow 7.8% for the year as a whole will represent a significant slowdown in the second half.
The IMF forecasts that the world economy will grow 4.8% this year, and 4.2% next year. The forecast is that emerging markets will drive growth, making up for the poor performance of "advanced economies". The IMF says advanced economies will grow 2.7% this year and 2.2% next year, while emerging markets are expected to grow 7.1% this year and 6.4% next year.
Turkey will be the fastest growing economy in the EU and in most of the world in 2010, according to the forecast.
"In emerging Europe, growth in economies that experienced the mildest downturns (Poland), and others that faced the crisis with relatively strong household and bank balance sheets (Turkey), is projected to continue gaining strength, helped by the normalization of global trade and capital flows," IMF report said
