Revised MTP: More Overtly Pro-Growth

TURKEY - Report 11 Jan 2016 by Murat Ucer
Today the government released the revised Medium-Term Program (MTP) for 2016-18, which, contrary to our expectations, contains some important changes in the macro aggregates, compared to the previous MTP released in October. The details of the general macro framework and central government budget figures for 2016-18 are provided below in Tables 1-2, respectively.In our comments, we focus merely on 2016. The key highlights are as follows: Growth estimate for last year and the forecast for this year have been revised up by 1 and 0.5 pp, to 4% and 4.5%, respectively. The main driver for the la...

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