87970
Turkish Economy Needs Deep-Rooted Transformation
Turkish Economy Needs Deep-Rooted Transformation

Turkish Economy Needs Deep-Rooted Transformation

Turkish Economy Needs Deep-Rooted Transformation

Turkey needs “deep-rooted, sectoral transformation” in the economy for sustainable growth, Deputy Prime Minister Mehmet Simsek said Tuesday.
“A sustainable high growth rate, comprehensiveness of this growth, and fair income distribution are essential. We need to provide more deep-rooted, sectoral transformation to achieve a sustainable growth of over 7%, which calls for limiting the side effects i.e. current account gap, inflation,” Simsek told Fox TV, as quoted by state-run Anadolu Agency.
His remarks came a day after the Turkish Statistical Institute, TUIK, revealed that the country’s economy expanded by 7.4% in the first quarter of this year compared with the same period last year.
The three-month gross domestic product at current prices climbed to around 792.7 billion Turkish liras (nearly $207.5 billion), according to TUIK data.
Simsek forecasted growth will be rebalanced after the second half of the year and the domestic demand will ease. “The Turkish economy has grown on domestic demand,” he said, adding that it created a current account deficit problem.
Turkey’s current account deficit hit $5.43 billion in April, marking an increase of $1.7 billion, year-on-year, the Turkish Central Bank announced on June 11. “Our primary priority is to fight against inflation and decrease current account deficit,” Simsek said.
The minister added the inflation stemmed from the loss in the value of the lira against other currencies and the increase in the oil prices.
The country’s annual inflation rate was 12.15% in May, up from 10.85% in April, according to TUIK on June 4.
Simsek also vowed that the public sector would undertake a comprehensive saving policy. “We will sincerely examine the spending items, prioritize in which sectors we will limit spending and apply a comprehensive saving strategy. This is the most ideal step,” he added.

Short URL : https://goo.gl/SaLWEr
  1. https://goo.gl/9hAH2G
  • https://goo.gl/7fqQ5d
  • https://goo.gl/dLoeZc
  • https://goo.gl/9JUoey
  • https://goo.gl/Yk7vgq

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Credit Crunch Pushing Sweeping Changes in Ethiopia
In a surprise move, Ethiopia’s government announced it would...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus