Posted on 03 July 2009
A deal between Turkey and the IMF began to look a lot more likely when it was revealed that the Turkish economy contracted 13.8% in the first quarter of this year. This will likely force the government to adjust its forecast of a 3.6% contraction for this year, likely making it closer to the IMF forecast of a contraction of “at least 5%”.
That said, the latest data shows that the Q1 contraction will almost certainly be the worst; employment rose 0.3% in March, the decline in output slowed massively in April, and in May consumer confidence rose to its highest level in fifteen months.
It may be that having such a drastic fall in Q1 proves to be a good thing, by getting the most of the falls out of the way at the start, paving the way for a swift recovery.
In other news the Turkish Lira has indeed continued to strengthen against the British Pound as we said it would on this blog. Any Brits who didn’t buy a property when the Pound was at the heddy heights of being worth 2.55 Turkish Lira, will be kicking themselves if they want to buy Turkey property.
But it is not too late, the Pound is currently worth 2.51 Lira, which is still 0.21 Lira more for your Pound that you were getting in April. What’s more the Pound will fall back to be worth the long-term average of 2.30 – 2.35, so you are still gonna get instant equity and a saving if you act now.
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