World Bulletin / News Desk
Turkey’s economy is fundamentally sound and constitutional change could help a “rapid” recovery, Deputy Prime Minister Mehmet Simsek said Friday.
“There is no serious problem in the fundamentals of the Turkish economy,” he said in an interview with broadcaster NTV. “The economy may recover rapidly with the help of increasing predictability and market trust.”
Simsek who has responsibility for the economy, said economic reforms in the wake of a Yes vote in the April 16 referendum on a presidential system would establish long-term stability.
“Our citizens should evaluate this constitutional change well,” he said. “The presidential system will also provide sustainable economic growth by removing uncertainty and attracting more investment.”
The minister added that indicators showed Turkey can expect moderate growth in the final quarter of 2016. The third quarter showed a 1.8 percent year-on-year contraction in figures released last month.
“Technically, there will probably not be a recession,” he said.
Turning to the lira’s 20 percent fall against the U.S. dollar last year, Simsek said an overnight lending rate hike on Jan. 24 and an inflow of funds to Turkey had had a “positive influence on support of lira against the dollar.”
The lira fell to 3.90 against the dollar in mid-January but stood at 3.66 on Friday morning.
Simsek also highlighted the need to increase employment by up to 800,000 jobs and described the current jobless rate of more than 12 percent -- 3.7 million people -- as a “temporary situation”. Last November, the number of people with jobs rose year-on-year by 391,000.
He also called on Turks to save through an automatic private pension system introduced this year. The fund reached 98 million liras ($26.6 million) on Feb. 12 but around a quarter of participants left the scheme, he said.
“Our citizens should benefit from this system,” he said. “We are talking about significant state support and an additional chance for a second pension.”
Turkish EU Minister Omer Celik accuses Germany of patronizing terrorism
Opposition Nationalist Movement Party (MHP) pledges tax-free fuel for farmers in its manifesto
Party aims to find solutions to '5 main problems' of Turkey
Writing for Daily Sabah, presidential spokesman Kalin says Erdogan remains most trusted political leader over 16 years
Investigation of May 10 missile attack on Turkish cargo ship ongoing, says Foreign Ministry
Turkish president seeks support for investigation of irregularities
Anti-terror police arrest suspects during operation against organization's social media network
Bank will take further steps when necessary, has government's full support, deputy prime minister says
Turkey will continue to display solidarity with African at regional and international platforms, says Foreign Ministry
Presidential aide Ibrahim Kalin criticizes French newsweekly Le Point for calling President Erdogan ‘dictator’ on cover
Dean of the Africa Diplomatic Corps, Ambassador Marcel Mulumba Tshidimba speaks to AA
2020 UEFA Champions League final to be played at Ataturk Olympic Stadium, Erdogan announces
A presidential spokesman says Turkish economy is strong, has withstood effects of defeated coup
Operations target dismissed and serving police officers and army personnel
The agreement will enhance cooperation between Turkey and Kazakhstan in defense industry