East Europe, Turkey to see fast growth rates

Emerging Europe, one of the regions hardest hit by the global financial crisis, will probably post “high” growth rates at the early stage of recovery, Bank of America-Merrill Lynch said. The region, which also includes Turkey, “might be close to the bottom of the V,” said David Hauner, a London-based economist for emerging Europe, Middle East and Africa with the bank, in a May 19 report. Declines in industrial output across emerging Europe and Turkey have ranged between 20 percent and 25 percent from their peaks last year. Turkey will post quarterly growth of 3.1 percent and 4.4 percent in the last of two quarters of 2009, the note said. The Turkish economy, he predicts, will expand 3.2 percent in 2010, after contracting 2.5 percent for all of 2009.

 Although the effects of the crisis in Turkey have been significant, it is not a financial crisis –no banks have collapsed, nor have any insurance companies failed. It is yet unclear, however, what the engine of recovery will be for Turkey.

Source: Hurriyet Daily 

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