Speaking at the Turkey-Japan Economic Forum in Tokyo on Monday, Babacan said Turkey is constantly transforming for the better, both socially and economically. He drew attention to the fact there have been reforms carried out on many fronts and that the country is now adhering to a fiscal discipline whereas many other economies around the world try to initiate some sort of growth with public expenditures. As a result of that disciplined approach, Turkish central authority's budget produced only a minor deficit in the first 10 months of this year, down 92.6 percent compared to the same period a year earlier. The proportion of the country's public debt to its gross domestic product (GDP) is also on the decline. It was 42.2 percent in 2010, compared to the 85.5 percent 27-member European Union average, and is expected to be at 39.8 percent by the end of this year, dropping to as low as 32 percent in 2014, according to the government's Medium-Term Economic Program (OVP).
Referring to the three-year OVP, Babacan said the program itself is an indication of how solid Turkey's economic outlook is. “We were able to draft a program for the next three years whereas other countries could not even formulize economic policies to be implemented for a few months,” Babacan said.
The deputy prime minister's visit to the Far Eastern nation with which, he said, Turkey has “friendly relations from past to present,” will last until Thursday. On the first day of his stay he met with Japanese Foreign Minister Koichiro Gemba, Finance Minister Jun Azumi, Economy, Trade and Industry Minister Yukio Edano and Chief Cabinet Secretary Osamu Fujimura.
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Source : todayszaman.com
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