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Posted On: 23/01/2012
Turkey's budget deficit fell by an enviable 56.5% during 2011 compared to 2010. Finance minister Mehmet Simsek stated his belief that Turkey has now recovered from any and all effects of the global crisis and subsequent eurozone crisis.
Turkey’s budget deficit for 2011 was $9.36 billion, which is 1.4% of GDP, a far cry from the 11.5% deficit in 2002 when the AK Party won power. This beat the target of $18.03 billion. This better than expected performance was partly due to a considerable increase in tax collections last year, as Turkey collected $136.6 billion last year, an increase of around 20.5%.
The budget deficit could have been even lower says Simsek, but for the earthquake in the south-eastern province of Van, and subsequent $6.3 billion relief effort.
Simsek also believes the worst of the debt crisis in Europe is now over, but he did point out that economic activity in Turkey would slow down in 2012 in comparison to 2010. He also said that the current account deficit is still expected to remain a concern with expectations that it will stay at around 10% of GDP in 2012.
The lira is expected to strengthen against foreign currencies, and the slowdown in domestic demand will at least keep inflation under control. The Organisation for Economic Corporation and Development has estimated that growth in Europe will be 0.3% higher in 2012 compared to last year.
Turkish economic growth is expected to be around 4% compared to 8% for 2011. In 2010 the world economy grew by 5.1%, and is being predicted to show growth of 3% to 4% for 2011, so overall Turkey is still doing extremely well.
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