The Economy Coordination Board convened under the chairmanship of Vice President Fuat Oktay. In his statement, Oktay said, “At our meeting, we will discuss macro forecasts and our new roadmap for our economy. Steps to establish a sustainable and strong growth process are carried out rapidly with all stakeholders. We plan to publish our Medium Term Program, which will cover the period of 2022-2024, in the first half of September.”
Breaking news… Vice President Fuat Oktay chaired the First Economic Coordination Board Meeting held at the Presidential Complex. Speaking here, Oktay stated that tight coordination between institutions in the economic policies created under the vision and leadership of President Recep Tayyip Erdogan is among the sine qua non for a stronger and more resilient economy against all kinds of developments, including the epidemic.
FIRST MEETING AFTER THE PRESIDENTIAL DECREE
Pointing out that the “Economic Coordination Board” was formed last June as a part of the structural reform agenda in the economy, Oktay said, “Our meeting is of particular importance since it is the first meeting we held after the Presidential Decree regulating the structure of the Board.”
Fuat Oktay reminded that the Minister of Treasury and Finance Lutfi Elvan, Minister of Labor and Social Security Vedat Bilgin, Minister of Energy and Natural Resources Fatih Donmez, Industry and Technology Minister Mustafa Varank, Agriculture and Forestry Minister Bekir Pakdemirli and Trade Minister Mehmet Mus attended the meeting as board members. He stated that Ibrahim Senel, Head of Strategy and Budget of the Presidency, was also present.
Oktay stated that in addition to the institutions and organizations within the body of the Board, other relevant ministries, public institutions and organizations, the private sector, non-governmental organizations, professional organizations and universities can also be invited to the meetings as a complement if needed.
Vice President Fuat Oktay stated that Central Bank Governor Sahap Kavcioglu and TurkStat President Sait Erdal Dincer were also invited to contribute to the meeting as per the agenda.
“TARGET FOR 2021 TO EXCEED $210 BILLION IN”
Stating that evaluations and policy analyzes will be made on issues such as the Turkish economy, the global economy, economic stability and development, and that inter-institutional coordination will be strengthened, Oktay continued as follows:
“2020 has been a year in which epidemic-induced uncertainties and serious negativities have been experienced in the economies all over the world. With the effective measures we took against the Covid-19 epidemic, the Turkish economy displayed a strong growth performance of 7% in the first quarter of 2021. Hopefully, our second-quarter growth figure will be well above this. Our exports, which broke records in 2021, exceeded $200 billion on an annual basis in July. There are strong indications that our exports will reach over $200 billion by the end of 2021. Our target is to reach an export of around $210 billion by the end of the year. We anticipate positive developments in the second half of the year as a result of the measures we have taken in both the current account deficit and inflation.”
Oktay said, “In today’s meeting, we will discuss the current situation of our economy in detail and accelerate our efforts to strengthen it further. In this framework, we will evaluate both the steps that need to be taken quickly in the short term and the policies that we need to implement in the medium and long term with all Board members.”
“WE WILL PUBLISH OUR MEDIUM TERM PROGRAM IN THE FIRST HALF OF SEPTEMBER”
Pointing out that another important item on the agenda will be the Medium-Term Program, the new 3-year roadmap of the Turkish economy, Oktay said, “We are continuing our Medium-Term Program preparations in line with our development goals, in a way to reveal the economic and social policies that will increase the welfare of our people, and the distribution of resources for these policies. We have combined the Medium Term Program and the Fiscal Plan as a single document under the Medium Term Programme. In this meeting, we will discuss both the first macro forecasts for the upcoming period and the new roadmap of our economy with our Board members. In line with the approval of our President, we are planning to publish our Medium Term Program, which will cover the period 2022-2024, in the first half of September.”
Pointing out that the Economic Reforms Action Plan, which includes steps towards establishing a sustainable, strong and high quality growth process, is carried out rapidly with all stakeholders, Oktay concluded his speech as follows:
“Today, we will also make evaluations to increase the effectiveness of both the enactment and implementation processes of these reforms. While we closely monitor the developments in the economy, we will continue to implement policies, strategies and reforms that will strengthen our economy structurally, quickly and effectively under the leadership of our President. I wish that the work of the Economy Coordination Board, which we held its first meeting today, will be beneficial for our country and nation, and I would like to thank all stakeholders, especially our Board members and participants, who have made constructive contributions to our economy with the work of the Board.”
Source: Sabah / Translated by Irem Yildiz