Turkey determined to accelerate structural reforms after June 24 elections

Only a short while towards presidential and deputy elections on June 24,Turkey has no doubt major problems in economy such as devaluating Turkish Lira, high inflation, accumulated debts and foreign trade deficits. On the other hand the current administration is harshly criticized by parties in the country as well as third parties abroad for its bad performance in freedoms and excessively authoritarian performance which is considered to have a very negative impact on the economy as well.

This being the case, Mr. SIMSEK, Deputy Prime Minister responsible for the economy in the country certainly has a very difficult task to handle and work out related major problems. Within this concept Mr. SIMSEK made some explanation as to their program to improve the situation.

SIMSEK said “We will accelerate structural reforms and concentrate on current account deficit and inflation to bring them down.” He added they would speed up structural reforms after elections.

Simsek said in a statement on a live radio broadcast “Turkey has gone through a difficult period for the last 4-5 years”. Reminding that the market responded positively when the election decision was taken he said “The uncertainty will go away immediately after the election. There are some continuing problems currently. There is no country without problems. We will focus on current account deficit and inflation and we will bring them down. AK Party has never let any classes suffer due to inflation. We always gave covered inflation differences, and the private sector has to adapt inflation eventually as well”.

SIMSEK also stated that the external debt of the country was not as high as it was claimed.