ISTANBUL
World Bank predicts that in 2013 Turkish economy would grow 4 percent and added that Turkey made a significant progress in the scope of reducing inflation momentum.
The "Global Economic Prospects 2013" report of the World Bank has predicted economic growth rates for Turkey in 2013.
The Report called Turkey, Russia, India and Brazil "large middle-income countries" and also covered their inflation rates.
It stated that in Russia, the inflation pressures were reoccurring in the past year because of the supply side bottlenecks and price hike in the food prices and utility and added that the inflation subsided lately.
Report touched on Turkey and said, "In Turkey, considerable progress has been made in reducing inflation momentum."
On the other hand, despite Turkey's performance in the inflation front, the headline inflation was still high and the report underlined that it was above the World Bank's target range.
The report came to another middle-income country, India and said, "Despite repeated increase in policy rates and some easing in inflation, inflation remained high and real interest rates were close to zero."
Referring to Turkey's economic growing in the report, "After a 8.6 percent of growth in 2011 in Turkish economy, in 2012 it made a soft landing with 2.9 percent of growth rate."
In regard to expectations in the Turkish economy, the report touched that Turkish economy would grow about 4 percent in 2013 and it was predicted that in 2014 the growth rate would speed up and reach 4.5 percent and in 2015, it would be 5 percent."
Furthermore, the report also mentioned that Turkey's current account deficit ratio to gross domestic product (GDP) was predicted to be 7 percent in 2013, 6.8 percent in 2014 and 6.5 percent in 2015.
The report noted Turkey's exports in the past year as positive and said, "Turkey's remarkable export performance during most of this year for example was supported by its successful market diversification strategies, depreciation in real effective exchange rate and strong gold exports to Middle Eastern economies including Iran and the United Arab Emirates.
It was stated that Turkey received exportation demand from global and European market and added that the country would benefit from the probable rise in global trade.
