A vendor displays fruits in his shop in a local market in central Istanbul, Turkey October 9, 2018. REUTERS/Murad Sezer
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The International Monetary Fund slashed its growth outlook for Turkey and called for a sweeping mix of measures to shield the economy after recent market turmoil and declines in the currency.With pressure on the lira forcing the central bank to raise interest rates and sending inflation to near the fastest pace since President Recep Tayyip Erdogan came to power 15 years ago, the IMF has an increasingly dim view of Turkey's prospects.The IMF said that the looming downturn in Turkey is a key reason for a broader revision of its growth expectations for emerging economies.On the fiscal front, the IMF is urging Turkey to adopt a more cautious approach to public-private partnerships used to power multi-billion-dollar infrastructure projects.
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