PM Erdogan: Turkey targets 7 percent growth rate

Güncelleme Tarihi: Haziran 25, 2008 17:56

Hurriyet English with wires

Oluşturulma Tarihi: Haziran 25, 2008 16:18

Turkey's growth target was again fixed at 7 percent and the government would not make concessions on this matter, Turkish Prime Minister Tayyip Erdogan said at the 16th gathering of the Business Round-table meetings on Wednesday. (UPDATED)

Haberin Devamı

"Our growth rate will not drop below 4 or 5 percent, and we will maintain our efforts to keep our 7 percent target," he said in a round-table meeting organized by the Economist Conferences in Istanbul.

Erdogan underlined the importance of investments to achieve the growth rate target. In regard to the country’s interest rate and inflation risk, Erdogan said that interest rates were around 22 percent and the high interest rates pushed inflation upwards.

"Turkey has the dynamism and necessary infrastructure to recover (promptly)," the premier added. Erdogan also said that the government would speed up the investment process, and this would relieve Turkey.

The Economist magazine, regards the meeting as the latest in long-standing series of high-level, straight-talking sessions with Turkey's leaders.

The meeting titled "The Future of Economy and Business" aims at discussing issues like economic reforms in Turkey, measures to strengthen the economy, and spread prosperity throughout the country, Turkey's progress in the path to EU membership, Turkey's plans for becoming an energy gateway for Europe, and future timetable for further privatization.

Erdogan said Turkey had been going through a major change in the past five-and-a-half years and pointed out that they took important steps for democracy. He said the most important of these steps was implementing the Copenhagen criteria and starting accession negotiations with the EU.

Turkey's economy grew by an average of 6.7 percent per year, said Erdogan and expressed his government's determination to carry on with structural reforms. Erdogan also referred to the new arrangements and laws they introduced in the banking and finance markets and said Turkey's finance sector rested on stronger grounds, when compared with the past.
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IMF RELATIONS

Erdogan also said Turkey had no further need for the International Monetary Fund (IMF). "Turkey had $23.5 billion of IMF debt when we came to power five and a half years ago, but today we only have $10 billion of debt," Erdogan said.

Erdogan underlined the importance of IMF in accreditation and said that technical works continued between authorities of the related state ministry and the IMF. "I think that we will conclude these technical works soon and make public our decision."

ENERGY ISSUE
On energy, Erdogan said that Turkey would make serious investments in hydroelectric power plants in the following five to ten years. "This will lower electricity prices," Erdogan also said.

Turkey would also invest in thermal power plants Erdogan said, adding the announcement that the country would open a tender to construct two power plants in the Afsin-Elbistan region.
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The prime minister said that Turkey would also start using nuclear energy although the investment process was a long one.

Photo: AA

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PM Erdogan: Turkey targets 7 percent growth rate

Turkey's growth target was again fixed at 7 percent and the government would not make concessions on this matter, Turkish Prime Minister Tayyip Erdogan said at the 16th gathering of the Business Round-table meetings on Wednesday. (UPDATED)

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