OECD: Turkey's GDP growth rate to decline in 2011-2012

Azerbaijan, Baku, Nov. 20 / Trend A. Yusifzade /

Turkey's GDP growth rate as of 2010 will exceed 8 percent, Economic Outlook 88 Country Summary's October report, prepared by the Organization for Economic Cooperation and Development (OECD) and published on the website of the organization, said.

"Post-crisis economic recovery in Turkey, which began in the second quarter of 2009, continued during 2010, experts of the organization said.

According to the forecasts, GDP growth in 2011 and 2012 is expected to hit more than 5 percent.

The export of goods and services in 2007 totaled $188.2 billion. It increased by 2,7 percent in 2008 and declined by 5,3 percent in 2009. According to the forecasts, the export will increase by 7.1 percent in 2010, 5.8 percent in 2011, 8.2 percent in 2012. The imports of goods and services in 2007 amounted to $231.7 billion. It reduced by 4.1 percent in 2008, 14.3 percent in 2009. According to the forecasts, it will increase by 14.1 percent in 2010, 11.5 percent in 2011, 12,9 percent in 2012.

The unemployment in 2009 was 13.7 percent of the working population. It is projected at 12 percent in 201, 11.7 percent in 2011, 11 percent in 2012.

According to the OECD, Turkey's population will increase from approximately 75 million in 2008 up to 90.806 million by 2030. 

The number of elder people (aged 65 and older) by 2030 will increase from approximately 6.12 million in 2008 up to 10.45 million.

According to the OECD forecasts, the economic activity in the OECD countries will gradually increase fore the next two years. But the recovery will be uneven and unemployment will remain consistently high.

According to the forecasts, GDP growth rate in the OECD countries will hit 2.3 percent in 2011 and 2,8 percent in 2012. GDP growth rate is projected at 1.7 percent in 2011 and 2 percent in 2012 in the euro zone.

The authors of the report think that the developing markets will grow faster in 2011 and 2012 than the countries within the OECD, contributing to higher global growth in trade by more than 8 percent annually.

In its report, the OECD recommends the countries to coordinate macroeconomic and structural policies to ensure the conditions for the long-term growth. The budgetary consolidation is required to reduce the deficit of the state budget and debt, freeing up space for the future monetary policy. The countries should undertake structural reforms to enhance growth and employment, as well as to contribute to the consolidation of the budget and external balance. Monetary policy must gradually return to a more normal position.

The OECD includes 33 countries: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States.

Roughly 20 of these countries became members of the organization Dec. 14, 1960, when the Convention on the OECD establishment was signed.

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