ISTANBUL, July 17 Turkish Deputy Prime Minister
Ali Babacan said on Wednesday it should be "no surprise" if the
government revises down its growth expectations for this year
He added however that it had no immediate plans to do so.
Emerging markets such as Turkey have been hit hard since the
U.S. Federal Reserve first indicated plans in May to begin
tapering its huge stimulus programme.
Turkey's central bank has been reluctant to hike rates
following a credit-fuelled boom, with Prime Minister Tayyip
Erdogan keen to maintain strong economic growth ahead of
elections next year.
The official forecast for Turkish gross domestic product
(GDP) is 4 percent growth this year.
"Downward revisions on growth are on the table across the
world because of the U.S. policy stance and Europe's inability
to recover," Babacan, whose portfolio includes the economy, told
CNBC-e television in an interview broadcast live.
"If we make a small revision or two, it should not be a
surprise, when our biggest export market and other emerging
markets are revising, but this has nothing to do with Turkey's
fundamentals," he said.
He added that officials still needed further statistical
data from the second quarter before any decision to change the
GDP growth target.
Babacan also said the government's forecast of exports
reaching $158 billion by year end was still valid but appeared
increasingly difficult to attain due to global economic
Volatility in global financial markets is the main cause for
a recent sell-off in Turkish assets and not the anti-government
protests that other officials have called a conspiracy to
undermine the country's economic stability, Babacan also said.