Turkey: Top Executives Forecast 6 percent Growth in 2011

Chief executives from a number of leading companies expect Turkey to post growth of 6 percent of GDP by the end of the year, according to a recent survey by the country’s leading business association.

Turkey’s chief executives who participated in the CEO Forum survey conducted by the Turkish Industry and Business Association, or TÜSİAD, expect the consumer inflation rate to remain at 7.4 percent. The group also predicts that that the dollar will be worth 1.62 Turkish Liras by year’s end.

The CEO’s predicted that the bond interest rate would be around 8.7 percent by the end of 2011.

Due to ongoing economic ambiguity in global markets, the chief executives said they saw no positive changes on the horizon in the next three months, according to the survey; however, “the expectation for the next 12 months period is quite positive,” the survey reported.

Among the business leaders of TUSİAD, “there is no significant change expected in the Turkish economy.” The majority of the respondents to the questions indicated that Turkey’s general outlook, employment rate and investment climate was not likely to change significantly in the next three months but would instead remain stable.

A majority of the executives cited confusion in the legal framework, the black market and tax policies as the major problems affecting the country’s investment climate, according to the survey.

TUSİAD’s study is repeated every three months on regular basis.

August 1, 2011
SOURCE: Turkish Daily News