9/18/2009

Turkish government unveils mid-term economic program

AA – The Turkish government outlined its medium-term economic program on Wednesday. At a press conference to unveil the program, Ali Babacan, the Turkish State Minister and Deputy Prime Minister, announced the government's projections for this year and the next three years. Accordingly, the government expects recovery in the second half of this year, judging by the positive results of various stimulus packages introduced in the first half. Babacan emphasized that the Turkish economy is likely to see growth figures in the first quarter of 2010. Babacan also said that the government's target is a 5.3 percent inflation rate for the year 2010 - a figure below the government's previous target made public in 2008 before the global economic downturn. "When we look at the current account balance, we can see that current account deficit was USD 41.5 billion last year but it fell to USD 16.2 billion at the end of July 2009. We estimate USD 11 billion of current account deficit for the whole year", he noted. "We project that the Turkish economy will start growing again in 2010, and the pace of growth will increase in 2011", he said, adding that the global economy will also grow gradually starting next year.

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