(MENAFN) Turkey lowered its economic growth forecast to 3.3 percent for 2014, attributing it to the chaos in Syria and Iraq and increased uncertainty in the global economy, Gulf Daily News reported.
The forecasts have been revised down from a previous 4 percent, Deputy Prime Minister told a Press conference as he unveiled his government's economic program for 2015-2017.
Next year's growth is expected to hit 4 percent and 5 percent for 2016-2017. Meanwhile, inflation forecast was also revised up for 2014 to between 7.6 percent and 9.4 percent.
"This is because exports with Russia, Ukraine and Iraq have decreased due to geo-political tensions. Unfortunately, the situation in Iraq and Syria is not improving," he said.
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