Bloomberg News

Merrill Joins Goldman in Predicting Possible Turkey Recession

December 15, 2011

Dec. 15 (Bloomberg) -- Turkey’s economy may go into recession, Merrill Lynch & Co. said, joining Goldman Sachs Group Inc. in warning of possible negative growth in the European Union candidate.

“With the complexity of central bank policy and the need for corporates to absorb their foreign exchange mismatches, the result could manifest itself in a recession which we do not believe is fully appreciated by the market,” Merrill said in an e-mailed report today.

Turkey’s economy is expected to go through a recession, possibly in late 2011 and early 2012, because of the crisis in the eurozone and consumer demand weakness, Goldman Sachs said on Dec. 12.

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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