These days in most developed economies, the
release of GDP figures is typically greeted with soul-searching as commentators
struggle to understand why it is taking so long to climb out of recession.
Really bad figures—such as the unexpected 0.6% contraction in UK growth in the
last quarter of 2010—can even cast doubts over policymaking, in that case
whether fiscal retrenchment was going too far. By contrast, Turkey’s growth
performance has been shaking the market for rather different reasons.
Even the most bullish analysts were surprised by
the announcement on March 31 that Turkey’s GDP grew by 8.9% in 2010. The sharp
rise was fueled by a surge of 9.2% in the last quarter of 2010 compared with the
same period a year earlier and a 5.2% rise in the third quarter. Most observers
expected growth for the year would be 8% at best, with the last quarter slowing
rather than accelerating.
Read more: http://www.gfmag.com/archives/138-may-2011/11204-country-report-turkey.html#ixzz1ff7BThju
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