ISTANBUL (Xinhua) – The expected low economic growth combined with the dim world economy prospect are main concerns for Turkey in 2015, experts said on Saturday.
The Turkish government projects four per cent growth of the gross domestic product (GDP) in 2015 while trying to keep the inflation rate at 6.3 per cent by the end of 2015.
Economists said in a recently published survey that there is a slight decrease in Turkey’s economic growth estimation in 2015. They expected the growth rate to range from 3 to 4 per cent.
According to the head of Istanbul Association for Economic Studies Mehmet Huseyin Bilgin, this rate wouldn’t be sufficient to support Turkey’s economy.
Turkish Statistical Institute has recently announced Turkey’s GDP growth in the third quarter of 2014 as 1.7 per cent which is far too low than the expectations. The analysts described the figure as the worst case scenario.
Bilgin pointed out that Turkey’s economy is very sensitive to global trends, particularly the slow improvement in Eurozone economy and low growth rate of the developing countries’ economies. They all have direct impact on the domestic economy, he remarked.
Due to the grim economic prospect, unemployment will be the most important challenge to Turkey, which reached a new high since 2011 with 10.5 per cent in September this year. The figure in August was 10.1 per cent.
The number of the unemployed people over the age of 15 reached 3.06 million compared to 2.94 million in the previous period.
Moreover, the political turbulences in the environments that surround Turkey have a crashing effect on the economy, Bilgin said.