European Development Bank upgrades Turkey’s year-end outlook

ISTANBUL – Turkey’s year-end growth forecast was upgraded to 3 percent, the European Reconstruction and Development Bank said in statement.

“The Bank is predicting growth of 3 percent in 2014, compared with a forecast of 2.5 percent in May. It left its forecast for 2015 unchanged at 3.2 percent,” the statement said. The bank attributed the upgrade to “a stronger-than-expected performance so far this year which was driven mainly by rising exports and also supported by a reduction in the central bank’s interest rates.” The statement read that “a vulnerability to external factors and a large exposure to global liquidity conditions remained the largest risks that Turkey faced,” despite the fact that the European Reconstruction and Development Bank has said that Turkey has weathered similar challenges in the past with relative ease.