Erdogan announces reforms to stabilise economy

Turkish President Recep Tayyip Erdogan has announced a new package of reforms aiming to stabilize the economy amid the fallout of the Covid-19 pandemic.

In a speech here on Friday, the Turkish leader said the measures aimed to boost investment, production, jobs, and exports, reports Xinhua news agency.

“Macroeconomic and structural policies form the backbone of Turkey’s new reforms,” Erdogan remarked, pledging strict fiscal discipline and transparency in economic policies.

Turkey aims for its economy with fewer imports and more exports, and it will raise its potential growth through boosting production efficiency in line with a timetable that will include short, medium, and long-term to-do lists, the President insisted.

As part of macroeconomic stability, he said the country is focusing on the areas of public finance, inflation, current account deficit, and employment.

“We will achieve our goals by working day and night to make Turkey one of the world’s top 10 economies,” he stressed.

Erdogan’s most imminent commitment is that 850,000 small business owners hit by the Covid-19 pandemic are to be exempt from income tax this year.

Yalcin Karatepe, a scholar from Ankara University, said that Turkey has announced in the past few years several economic reforms and packages, which ultimately had “limited results”.

Karatepe said concrete structural reforms are a must to ensure a more equitable distribution of wealth and revenues in Turkey grappling with soaring prices.

He remarked, nevertheless, that in 2021 Turkey would possibly ensure better macroeconomic results with the expected control of the Covid-19 crisis with global vaccination drives.