International Monetary Fund doubles 2017 economic growth forecast for Turkey

Treasurer Scott Morrison

In its latest World Economic Outlook - released before the annual conference of the International Monetary Fund and World Bank on Wednesday, the International Monetary Fund forecasted Turkey to grow by 5.1 percent in 2017, up 2.6 percentage points compared to a previous forecast of 2.5 percent.

It also projected that the growth will reach 3.8% by 2021.

This growth is unevenly distributed. The global lending agency also notes that inflation remains worryingly low, a sign that the world economy still has not returned to full health in the aftermath of the Great Recession of 2007-2009.

The IMF forecast growth of 4 percent in 2017, slower than the government's forecast of 4.3 percent.

"The welcome cyclical upturn after disappointing growth over the past few years provides an ideal window of opportunity to undertake critical reforms, thereby staving off downside risks and raising potential output and standards of living more broadly".

The OECD leading indicator, which is created to anticipate turning points in economic activity, projected an upbeat scenario of economic expansion in the countries that represent most of the world's economic output.

The IMF is predicting "moderate fiscal tightening" in the United Kingdom as well as Japan. Meanwhile, Canadian GDP is forecast to expand by 3% this year as, among other things, oil prices rise.

Although the U.S. and United Kingdom aren't the slowest-growing advanced economies, the direction of forecasts are problematic. Over a longer period, the International Monetary Fund predicts low productivity growth and demographic changes will weigh on long-term growth prospects in the US.

South Africa's Treasury said in February it expected the economy to grow 1.3 percent in 2017, but Finance Minister Malusi Gigaba is due to announce revised projections on October 25 when he presents his medium term budget policy statement to parliament.

For the medium term, the report says the UK's growth outlook is highly uncertain and will depend in part on the new economic relationship with the European Union and the extent of any increase in barriers to trade, migration and cross-border financial activity.

According to the Ministry of Strategy and Finance, the IMF's positive outlook is based on expectations of improvement in global trade and larger import demand in China.

Releasing its latest World Economic Outlook in Washington, IMF economic counsellor Maurice Obstfeld says the global recovery is continuing and "at a faster pace". As a result, Saudi Arabia will grow at 0.1 per cent 1.1 per cent respectively in 2017 and 2018, Bahrain at 1.5 per cent and 0.8 per cent, Kuwait -2.1 per cent and 4.1per cent, Oman 0.0 per cent and 3.7 per cent, and Qatar at 2.5 per cent 3.1 per cent.

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