ISTANBUL - An IMF representative to Turkey said Thursday that the Fund revised its projections for the country's growth rate, reducing it around 4 percent for 2008 in line with recent global and regional developments and the Turkey's own revision of its GDP.
"Growth pattern has been following a downward pattern since early 2007 and we are expecting it around four percent for 2008," Huseyin Samiei told an Istanbul meeting on Turkish economy and regional and global risks.
Samiei cited disciplined macro economic and monetary policies as the reason for the country's recovery from a 2001 crisis, single-digit inflation rate and reduction of public debts.
Despite a global liquidity shrink, IMF representative cited increased foreign investments in Turkey, which he said "promised a positive environment and future."
"However, there is a risk that a crisis in global markets might disturb capital inflow into the Turkish banking system. There is a need for a strong policy framework to tackle the risk and to sustain investors' confidence," Samiei said.
(YMB-ULG)