Country Report Turkey January 2011

Outlook for 2011-15: External sector

Strong credit expansion, real currency appreciation and strong domestic demand growth have caused Turkey's current-account deficit to rise from a six-year low of 2.3% of GDP in 2009 to an estimated 6% in 2010. We expect similarly large deficits of 5-6% of GDP in 2011-15, the financing of which could become a problem if international market conditions deteriorate.

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