Turkey's government unveils medium-term economic program

Turkish government has outlined its medium-term economic program on Wednesday.

Turkey's government unveils medium-term economic program

Turkish government has outlined its medium-term economic program on Wednesday.

At a press conference to unveil the program, Turkish State Minister and Deputy Prime Minister Ali Babacan, who is responsible for economy, made public government's projections for this year and the next three years.

Accordingly, government expects recovery in the second half of this year, though Turkey's economy could contract by 6 percent in 2009.

Turkish economy shrank 14.3 percent in the first quarter and 7 percent in the second.

Babacan said Turkish economy would likely to see growth figures in the first quarter of 2010.

Babacan said latest unemployment figures showed that 13 percent of Turkish people were jobless, a rise from last year's 11 percent.

"We expect 14.8 percent jobless rate in 2009," he said.

Babacan also said government targets 5.3 percent inflation rate for the year 2010, a figure below 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 41.5 billion USD last year but it fell to 16.2 billion USD at the end of July 2009. We estimate 11 billion USD of current account deficit for the whole year," he said.

"We project that Turkish economy would restart growing in 2010 and the pace of growth would increase in 2011," he said, adding that global economy would also grow gradually starting next year.

Below are government's macroeconomic estimations for this year and the next three years.


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Last Mod: 16 Eylül 2009, 15:37
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