Posted on 13 May 2011
13 May 2011. In the recent released EU Commission spring 2011 economic forecast the Commission praised Turkey’s performance by saying “Turkey’s fiscal consolidation in the past decade is an impressive success story.”
The EU Commission report went on to say “in the wake of the 2001 financial crisis, the government managed to cut the public debt-to-GDP ratio from 75 percent to about 40 percent today. As a result of expansionary fiscal policy, public finances deteriorated in 2009 but improved in 2010, and continue to improve in early 2011.”
The EU Commission has raised its earlier 2011 growth forecasts for the Turkish economy from 4.5 percent to 6.1 percent. This is set against Turkey’s 8.9 percent in 2010 and the average EU projected GDP growth at 1.8 percent in 2011.