Turkey: Program to cope with CAD (current account deficit) for the coming 3years period

Ministers Babacan and Şimşek presented OVP (Medium-Term Plan) for Turkey for the coming period clarifying  the reasons for the increases in ÖTV tax (Private Consumption taxes) recently introduced by the government.

The outlines of the plan was explained as below;

“We are not going to compromise on financial discipline with fiscal managment.

We are going to keep committed for implementing the action plan designed to improve the investment environment.

We are going to pass the legal regulations soonest possible.

Our government is determined to carry on with serious efforts to diversify export markets.

We are going to continue to put in our best effort to manufacture innovative products with high added value and based on R&D studies.

We will give priority to investments in sectors such as education, health, transportation, drinking water, and information technologies.

We will focus our efforts on diminishing the difference in development between regions

CURRENT ACCOUNT DEFICIT WILL BE OUR MAIN ISSUE

Necessary measures  regarding issues imposing a threat on the sustainability of growth, low performance in domestic savings and current account deficit to be in the first place are going to be taken.”

13.10.2011

SOURCE: MEDIA
Compiled by Editor
BUSINESS TURKEY TODAY