Revision of growth goal

Bloomberg

"There will be a revision to the growth target," Ekren said in an interview yesterday on CNBC-e television.

The government’s growth target is 4 percent. The International Monetary Fund forecasts a contraction of 1.5 percent and industrial production fell by the most in at least 23 years in January. Talks with the IMF on a new loan accord are stalled over medium-term budget planning. Ekren also said that "the 2009 budget will produce more of a deficit than previous ones. A widening is inescapable."

The budget deficit in February soared to 12 billion Turkish Liras ($6.7 billion) from 431 million liras a year earlier, according to preliminary figures the Treasury released March 9. Ekren confirmed that the government is preparing a new set of measures designed to stimulate the economy. The measures will contain tax cuts and may be announced ahead of the local elections, he said.