OECD forecasts Turkish economic growth above 5%

OECD forecasts Turkish economic growth above 5%

Organization for Economic Cooperation and Development (OECD) expects Turkish economy which recorded a dynamic growth in 2003 also to grow by more than 5% in 2004 and 2005. According to OECD report, economic growth is driven by increased exports and improved consumer and business confidence, stemming from successful macroeconomic stabilization which has reduced real interest rates in Turkey. It is also stated in the report that the government should sustain the economic recovery by sticking to rigorous fiscal discipline and monetary policy so as to ensure macroeconomic stability while they should also act to develop and fully exploit the economic potential by enforcing and strengthening structural reforms in finance, labour and infrastructure markets as well as government sector.