How much longer can the Turkish central bank stick with its outlandish monetary policies? Not much longer, surely, if Thursday’s red hot GDP figures are followed by further evidence of economic overheating.
Turkey’s economy boomed in the last quarter of 2010, with year on year growth of 9.2 per cent, outstripping forecasts and fuelling fears that the central bank will have to take tougher measures to cool inflationary pressures. Gross domestic product grew 8.9 per cent over the year as a whole, making Turkey one of the world’s fastest growing economies in 2010.
Turkey’s expansion was driven largely by private sector consumption and investment.
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