Turkey Says Has Overcome Economic Challenges
World Economy

Turkey Says Has Overcome Economic Challenges

Turkey’s economy has overcome cyclical challenges emanating from regional and in-house political developments, the Turkish economy minister has said, vowing to implement the world’s most assertive incentive policies to push the private sector to produce and export more.
“The Turkish economy has overcome challenges that have affected its performance. The world has also realized this positive trend in the Turkish economy,” Economy Minister Nihat Zeybekci told the Hürriyet Daily News on Oct. 21 in Ankara, Anadolu Agency reported.
Four factors that had a negative effect on the Turkish economy were political instability, the fight against terror, the Russian crisis and ongoing unrest in Syria and Iraq, the minister said.
“The issue of political instability was removed after the government took full control in the aftermath of the July 15 coup attempt. The world is now seeing a long-term political stability and vision in Turkey,” he said. The second concern was whether intensified clashes with the outlawed Kurdistan Workers’ Party in the east and southeast of the country could cause the division of Turkey, the minister said.
“This concern was also successfully eliminated thanks to the positive steps taken by the government [against the PKK],” Zeybekci said.
The normalization of ties between Turkey and Russia has been seen as an important development to increase the efficiency of the Turkish economy, the minister said. “All these have helped the outlook on the Turkish economy,” he said.
Noting that his government was now working on next year’s budget, Zeybekci said: “A lot is being done on the better performance of the economy, on attracting investors and providing a better ecosystem. Our 2017 budget and medium-term economy policies will deliver important messages on all of these issues.”
Signaling that the 2017 economy would decrease the public expenditures especially on civil servant expenses, Zeybekci said new people would not be recruited in place of public employees who retire.
Above all, however, Zeybekci said the economy could only grow through the increased capacity of the private sector.
“To this end, we are in a process of implementing one of the most assertive incentive systems of the world. It’s a project-based incentive system similar to those put in place by Japan after World War II and South Korea in the 1980s,” he said.
The fields in which this lucrative incentive system will be used are metallurgical industries, petro-chemistry, energy, information technologies, the defense industry, health technologies and technical agriculture technologies.

Short URL : https://goo.gl/Ptzaz8
  1. https://goo.gl/Sg6gVl
  • https://goo.gl/ZRngeh
  • https://goo.gl/uZYLRf
  • https://goo.gl/ToFQcf
  • https://goo.gl/o903LT

You can also read ...

Venezuela Devalues Currency by 95 Percent
Venezuela devalued its currency by about 95% ahead of the Aug...
The average annual salary for K–12 public-school teachers is roughly $58,000, and they typically spend a sizable chunk  of that on classroom supplies integral to their jobs
Airbnb, the popular platform that lets people rent out their...
S&P, Moody’s Lower Turkey Ratings
Two major global ratings agencies lowered Turkey’s ratings Aug...
Nigeria CB Reports $91b FX Inflow in 2017
The Central Bank of Nigeria, said the aggregate foreign...
Russia’s largest electronics chain, M. Video, estimates that about a fifth of its products are bought with credit  or on installment plans as people are more confident about the future.
Russian consumers are borrowing like the boom times are back...
Argentina Says Poverty to Rise as Economy Slumps
More Argentines are likely living in poverty now compared with...
Egypt Keeps Rates Steady
Egypt’s central bank left its main interest rates unchanged,...
China Internet Stocks Fumble
A steep downturn in heavyweight Chinese internet stocks and...

Add new comment

Read our comment policy before posting your viewpoints