MÜSİAD expects up to 6 pct GDP Turkey growth next year

The Independent Industrialists and Businessmen's Association has said Turkey's economy will grow by 6 percent in 2011.

MÜSİAD expects up to 6 pct GDP Turkey growth next year

World Bulletin / News Desk

The Independent Industrialists and Businessmen's Association (MÜSİAD) has said Turkey's economy will grow by 6 percent in 2011.

MÜSİAD President Ömer Cihad Vardan reviewed this year at a press conference held on Tuesday.

Vardan also explained their expectations about the Turkish economy for the next year and said that they expect the economy to grow by up to 6 percent and exports by 14 percent. He added that they expect the current account deficit to be 5 percent of gross domestic product (GDP) and that the budget deficit is expected to be 3 percent of GDP, while unemployment is expected to register as 12 percent in Turkey.

Vardan stated that the general election to be held next year is very important for the sustainability of economic growth. “We attach high importance to the general elections since Turkey needs political stability in order to continue its economic growth,” he said. “The confidence and stability in the country should be maintained. The government should maintain the positive developments in the economy by making a new and comprehensive constitution and continuing with economic reforms. Political parties should not get involved in populist promises during election campaigning.”

Moreover, Vardan suggested that Small and Medium Industry Development Organization (KOSGEB) incentives -- financial aid to support small and medium-sized enterprises (SMEs) such as interest-free loans -- should continue in 2011.

Vardan also revealed the outcome of a survey conducted by his association on its members. He noted that 34 percent of the participants were affected negatively by the global financial crisis while 60 percent said they were affected but managed to get out of the crisis. When asked how their businesses fared in 2010 compared to the year before, 86 percent of respondents said this year was much better for their businesses. Sixty-three percent said they had invested in 2010 while 71 percent said they hired new employees.

The MÜSİAD president separately noted that they expect the economic difficulties in the eurozone and the US to continue in 2011 and that they do not expect the world economy to experience rapid growth next year.

Last Mod: 28 Aralık 2010, 17:43
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