Turkey’s economy is expected to grow by 2.6 percent in 2014 and 3.3 percent in 2015 according to the European Commission’s report released Monday.

According to the report, Turkey’s economy grew by more than expected in 2013 with a Gross Domestic Product of more than 4 percent.  Growth is expected to slow in the following two years due to political developments and market conditions.

“Turkey's financial markets and the lira were under strong downward pressure between May 2013 and the end of January 2014 in the context of the Federal Reserve's tapering of asset purchases, domestic political crises, and geopolitical tensions related to the Syrian civil war,” said the European Commission’s report.