Turkey Should Undertake More Reforms To Neutralize Challenges To Economic Growth - IMF
Muhammad Irfan Published September 24, 2019 | 01:20 AM
WASHINGTON (UrduPoint News / Sputnik - 24th September, 2019) Turkey's economy has recovered from the difficulties it experienced since the end of last year, but the country should undertake additional reforms because it remains vulnerable to a variety of risks, the International Monetary Fund (IMF) said on Monday.
"Turkey remains susceptible to external and domestic risks, however, and prospects for strong, sustainable, medium-term growth look challenging without further reforms," the IMF said in a statement outlining the preliminary findings from an official visit to the country.
The IMF explained that Turkey's economy has rebounded largely because of implementing a policy stimulus as well as favorable market conditions following the sharp lira depreciation and associated recession in late 2018.
Turkey's current account has also seen remarkable adjustment, but more work is needed to maintain the positive trend, the IMF said.
In July, Turkey posted a current account surplus of $1.16 billion, switching from a $2.18 billion deficit s year ago, according to published reports.
The IMF pointed out that the positive market sentiment has provided Turkey an opportunity to enact additional reforms that would not only address existing vulnerabilities, but would also strengthen policy credibility and set the economy on a higher and more sustainable growth path.
Consequently, the IMF said it welcomes Turkey's proposed New Economic Program to identify challenges and implement comprehensive policies that will maintain the current direction of the economy.
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