Turkish Parliament begins debating 2011 budget

Finance Minister Mehmet Simsek made a presentation to lawmakers about government's plans for the coming fiscal year.

Turkish Parliament begins debating 2011 budget

The Turkish Parliament has begun debating 2011 budget on Monday as Finance Minister Mehmet Simsek made a presentation to lawmakers about government's plans for the coming fiscal year.

"We are trying to bring long-term solutions to country's problems. We are not engaged in populist policies or in a spending spree [before parliamentary election planned for July 2011]," Simsek said in his opening remarks.

Simsek said that Turkey had seen a recovery since mid-2009 and managed the economic crisis very well thanks to measures taken in time.

"Thanks to structural reforms we have made and proactive finance policies we have followed, we will ensure a long-lasting economic recovery," Simsek told the parliament.

Simsek also said that IMF's forecast for Turkey's growth this year was 7.8 percent and OECD's expectation was 8.2 percent. He said an average 8 percent economic growth would be a great success for Turkey considering 4.8 percent forecast for global growth.

Turkey contracted 4.7 percent in 2009.

Simsek said that Turkey has become one of the fastest-recovering economies in the world by the help of government's reforms, robust macroeconomic fundamentals and strong banking system. He said, "Turkish economy has become one of the leading countries in growth performance after an 8.9 percent growth in the first three quarters. Turkey is still one of the fastest growing countries in Europe and and OECD countries."

On current account deficit, Simsek said that Turkey should increase domestic savings, reduce energy dependency, focus on production of high value-added goods and services, and increase its manpower to bring down the current account deficit to reasonable levels in the medium and long term.

He said another important problem of the country was unemployment, adding that Turkey has created jobs during and after the crisis.

"Turkish economy has created an additional 2.8 million jobs from 2007 to the second quarter of 2010," he said in his presentation.

As a result, Simsek said, the government has prepared a budget which takes into consideration the new economic cycle in the world, supports real economy and a budget which is also socially strong.


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Last Mod: 13 Aralık 2010, 17:02
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