October 19, 2009

The European Bank for Reconstruction and Development, or EBRD, which has been withdrawing gradually from Central European countries, plans to prioritize Turkey.EBRD is the first international finance corporation, among many others, to revise Turkey’s economic growth in a positive direction.The bank had published a report estimating Turkey’s 2010 growth to be 1 percent. The bank has revised that outlook to 3 percent.

The economies of eastern and southern Europe including Turkey, will experience an economic contraction this year, however, signs of recovery will begin next year, said the EBRD.Turkey’s economy will contract nearly 6 percent in 2009, however that contraction rate is still well above contraction expected in other countries in the region.