Turkey unveils 2018-2020 economic program

GDP per capita hoped to reach over $13,000 in 2020, says Deputy PM Mehmet Simsek 

Turkey unveils 2018-2020 economic program

World Bulletin / News Desk

Turkey's Medium Term Program (MTP) -- intended to implement essential actions for higher economic growth, employment and better income distribution -- was introduced by on Wednesday. 

Speaking at a news conference, Deputy Prime Minister Mehmet Simsek said the MTP's main objective is to catch sustainable growth performance by maintaining macro-economic stability and rising the quality of human sources and the labor force.

"In this respect, to boost high-value-added production, to improve business and investment environment, to increase the corporate quality of the public sector are the other requirements for solid growth," Simsek said.

He also said creating new jobs and providing fairer income distribution were targeted in the MTP along with fiscal discipline, lower inflation and an improved current account balance.

"Over the past 15 years the growth performance of Turkey's economy has soared significantly," Simsek said. "Economic indicators show that our economy will grow 5.5 percent this year. That ratio is also the MTP's target for the period of 2018-2020."

According to the Turkish Statistical Institute (TurkStat) Turkey’s annual growth rates were 6.1 percent in 2015 and 3.2 percent last year. The Turkish economy expanded beyond expectations in the first (5.2 percent) and second (5.1 percent) quarters of this year. 

Simsek also stated that GDP per capita reached nearly $11,000 as of 2016, a climb from $3,500 in 2002. 

"By the end of the MTP, we aim to hike the GDP per capita to over $13,000, which is above the threshold of $12,235 for the upper-income group, according to World Bank definitions," he said. 

 

Last Mod: 27 Eylül 2017, 17:31
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