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Thursday, July 7, 2011

Erdoğan: It's not hot in here! | WSJ.com

Erdoğan responds to concerns about Turkey's current account deficit. The Wall Street Journal reports:
"My friends don't worry about the current-account deficit, there is nothing to worry about," Mr. Erdoğan said, speaking to reporters in Ankara after unveiling his new cabinet. He added that the funding gap, currently 8.6% of gross domestic product, would diminish in the final quarter of the year as central bank measures slowed domestic demand.

The market reaction was less sanguine. Turkey's currency slid 0.5% lower against the U.S. dollar, extending losses of close to 13% since November. Investors have been hoping for clear signs that Mr. Erdoğan's third-term government would outline a detailed strategy to tackle the ballooning current-account deficit, a stand-out weakness in an economy that expanded 11% in the first quarter, outstripping China.

1 comment:

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