Turkish Finance Minister Lotfi Alwan said yesterday, Thursday, that his country’s GDP will grow more than 5% this year, supported by an increase in exports between 16% and 20% after the repercussions of the pandemic in 2020.
And Alwan expected – in an interview with the Turkish channel “CNN” (CNN) – that his country’s economy will achieve during the first quarter of this year a growth ranging between 5.5% to 6%, according to what Reuters reported. Read also The Organization for Economic Cooperation and Development adjusts its forecast for the growth of the Turkish economy from 2.9 to 5.9%The new economic reforms package in Turkey .. Does it constitute an appropriate environment for the world of business and investors? Erdogan dismisses the governor of the Central Bank … Learn the real reasonsIraq in the foreground … more than 4 billion dollars of Turkey’s exports to neighboring countries in the first quarter of this year
The Turkish minister reiterated that the GDP growth will be in the double digits in the second quarter of this year.
He added that exports of arms and cars would help control the huge deficit in the current account balance.
The minister stated that the export sector achieved a distinguished performance during the first quarter of this year, and expected that the value of Turkish exports for the first time in history (annually) would reach 200 billion dollars, according to Anadolu Agency.
The minister pointed out that the industrial and agricultural sectors showed distinguished performance during the past year, despite the outbreak of the Corona pandemic.
He pointed out that Turkey achieved during the past year a growth rate of 1.8%, and became alongside China the country that achieved positive growth within the industrial group of 20
Regarding inflation figures, Alwan said that one of his ministry’s priorities is to combat inflation and take the necessary measures to achieve a tangible decline in its rates.
He stressed that price stability is one of the most important elements for achieving stable growth and increasing the citizens’ standard of living.
On Thursday, the Turkish central bank kept the main interest rate unchanged at 19% as expected, and renewed its pledge to keep it above the inflation rate, which the bank expects to decline after it rose more than 17% with the lira’s decline. The Turkish currency has fallen 13% since mid-March.
The Turkish minister also expressed his hope for positive developments regarding the modernization of the customs union agreement with the European Union, indicating that its modernization will open new horizons for the Turkish economy.
A Reuters poll – between April 6 and 13 – predicted that the Turkish economy would grow by 4.8% in 2021 and 14.9% in the second quarter due to the impact of the so-called base period after the repercussions of the pandemic in 2020.
Last March, the Organization for Economic Cooperation and Development (OECD) revised its positive forecasts regarding the growth of the Turkish economy for 2021, from 2.9 to 5.9%.