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Goldman Expects Turkish Recession on Lower Demand, Exports

Dec. 12 (Bloomberg) -- Turkey’s economy is expected to enter a recession as demand for exports declines because of the crisis in the eurozone and consumer demand weakens, Goldman Sachs Group Inc. said.

Turkey will “go through a technical recession during late 2011 and early 2012,” Goldman economists including Ahmet Akarli in London said in an e-mailed report on central and eastern Europe, the Middle East and Africa.

“We forecast a rebound in the second half of 2012, on the back of some relative normalization in the eurozone,” the report said. “But the high base effects coming from 2011 mean that GDP growth on average will probably fall sharply in 2012.”

The economy is expected to expand 0.5 percent next year, Goldman said.

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To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net

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