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    Merrill Lynchoptimistic on fast recovery

    Bloomberg
    29 Nisan 2009 - 00:00Son Güncelleme : 28 Nisan 2009 - 19:28

    ANKARA - Turkey’s economy is "standing tall" in the region and may recover faster than its peers because of a stronger banking system and household accounts, Merrill Lynch & Co. said in a report yesterday.

    The economy may contract 2.5 percent this year, less than the government’s forecast of 3.6 percent, as economic growth returns in the fourth quarter of the year, Merrill Lynch economist Türker Hamzaoğlu said in the e-mailed report.

    "The more in detail you review the region’s external funding and banking problems, the better Turkey looks," he said.

    Turkey’s inflation rate will dip to a low in October and rise to 5.5 percent by the end of the year, below the Central Bank’s target, Hamzaoğlu said. The Bank will start hiking the benchmark interest rate in the final quarter of this year or in early 2010, he said.

    Economic policies in Turkey implemented since the 2001 financial crisis have now been replaced by the "new orthodoxy" of loose fiscal and monetarypolicy, Hamzaoğlu said.
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