Turkey parliament approves stimulus package

The package will give Prime Minister Tayyip Erdogan's government, which faces municipal elections in March.

Turkey parliament approves stimulus package
Turkey's parliament late on Wednesday approved a stimulus package for the ailing emerging economy, including measures to support manufacturers, state-run news agency Anatolian reported.

The package will give Prime Minister Tayyip Erdogan's government, which faces municipal elections in March, the power to reduce some corporate tax on investment, and also cut taxes on textiles and clothing manufacturers if they move their plants to certain cities.

Other measures include incentives to encourage people to scrap old cars, to boost sales of new vehicles among Turkey's auto manufacturing sector.

Turkey is facing a sharp economic slowdown after several years of stellar growth as the current global economic crisis hits domestic demand and bites into crucial European export markets.


Reuters
Last Mod: 19 Şubat 2009, 17:07
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