Turkish economy has advanced by 11% in the first quartercompared with same period last year, Turkey is the only country in the world with a growth rate of two digits, Hurriyet wrote. GDP is advancing very rapidly, despite efforts by authorities to limitdomestic demand boom fueled by cheap credit and therebyprevent overheating of the economy, writes The Wall StreetJournal.
In the last three months of last year the economy grew at an annual rate of 9.2%, according to Turkish Statistical Institute. Last year, Turkey ranked second in the Group of 20 industrialized and developing countries by GDP advance of 8.9%, surpassed only byChina.
Central Bank Governor Erdem Basque endeavor to slow the growth to the government target of 4.5% this year by restrictingconsumer credit. Since November last year and by January, the institution has doubled the reserves that banks must make up forshort-term obligations, thereby reducing cash available for lending, according to Bloomberg.
