IMF ups forecast for Turkish economy to 3.8% amid global gloom

Turkish economy: The IMF yesterday  revised its growth forecast for Turkey in the current year upwards  from 3.2% to 3.8%, while downgrading  its forecast for the overall world economy on the back of  unexpected weaknesses in the US and Japan and  amid fears of the “severe” impact of the UK voting to leave the EU in June’s referendum. 
“In Turkey, growth is projected to remain stable at 3.8% in 2016, with a large minimum wage increase sustaining domestic demand in the face of geopolitical uncertainty, weak external demand, and slowing credit growth,” it said, but did, however, cut its 2017 estimate for Turkish economic growth  from 3.6% to 3.4%. 
Elsewhere,  the IMF cut its 2016 forecast for the US to 2.4% from 2.6%; Japan to 0.5%t from 1%; and the 19-country eurozone to 1.5% from 1.7%. Noting strong consumer spending and growth in services, it also  boosted its growth forecast for China to 6.5% from 6.3%  and predicted that the global slowdown would continue into 2017, when it predicts that China’s growth will decelerate to  5.2%.