Turkey Government Set To Revıse Growth Target Up In June
Turkish Economy Minister Ali Babacan said Wednesday that his government is likely to revise its forecast for 2010 economic growth higher in June, from the current prediction of a 3.5% expansion.
Last week, the Turkish Statistics Institute said gross domestic product rose 6% on the year in the fourth quarter, after a 2.9% contraction in the third quarter. In the second quarter, GDP declined 7.7%in the first quarter the contraction was 14.5%.
Speaking to local television channel Bloomberg-HT, Babacan also said that in the coming period the government might cancel some of the measures it has taken to provide liquidity to markets.
"We can say that in the coming period services prices would be highproduct prices would be at reasonable levels," Babacan noted.
He also added that the government will maintain its free-floating exchange-rate regimethat it thinks the central bank's foreign-exchange reserves are lower than they should be.
According to the latest data, the bank's foreign-exchange reserves fell $499 million to $68.3 billion in the week ended March 26.