IMF report says Turkish economy expected to grow by 3% in 2012

A report which was revealed yesterday in the wake of a visit by an IMF team to Turkey last month said that the Turkish economy was expected to grow at a more measured pace of 3 percent in 2012, despite weak growth in the EU. "Beyond 2012, the economy is in a good position to return to its long-term trend growth rate of around 4 percent," the report said, adding, "The moderate pace of growth is helping unwind imbalances. Macroeconomic policies have started to deliver disinflation and a reduction in the current account deficit. Inflation—headline and core—is decelerating but is expected to end the year above the top of the central bank's inflation target band. The current account deficit is likely to decline to 7½ percent of GDP in 2012. Additional modest improvements in both inflation and the external deficit are in prospect for 2013."