The Turkish government has revised its year-end economic targets amid regional turmoil, rising inflation, a weakening currency and shrinking industrial output. The revisions were announced Oct. 8 as part of Ankara’s new medium-term program, its economic road map for 2015-17. The growth forecast was slashed to 3.3% from 4% for 2014, and to 4% from 5% for 2015.
Efforts to rein in inflation have proven a huge disappointment. Accordingly, the year-end estimate was raised to 9.4% from the earlier 5.3% projection, a level Turkey could now hope to achieve only in 2016, if everything goes as planned.