ISTANBUL—Turkey Tuesday cut its growth forecasts for this year and next, suggesting the sluggish global economy will take its toll on the country's own economy.
Turkey now expects gross domestic product to rise 3.2% in 2012, lower than its earlier prediction of 4% growth, and downgraded its forecast for 2013 to 4% from 5%.
The lower GDP forecasts were detailed in the government's Medium Term Economic Program for 2012-2015, which was presented by Deputy Prime Minister Ali Babacan at a news conference in Ankara.
The program included the government's economic projections for the next few years and outlined its aim to strengthen macro and financial stability by reducing the current account deficit, increasing the savings rate and maintaining economic growth.
The government stuck with its GDP growth forecast of 5% for 2014 and said it also expects a 5% rise in 2015.
Click here to read the full article at the Wall Street Journal.