Turkish gov’t to accelerate reforms by May 2017: Deputy PM

ANKARA

The government barely had an opportunity to fully realize the required reforms in a systematic manner, but it will accelerate reforms by May 2017, Deputy Prime Minister Mehmet Şimşek said April 10. 

“There has been an undesired, but temporary slowdown in the economy, mingled with a rise both in unemployment and inflation. We are quite aware of these facts and we have been taking the required measures,” he said in a televised interview on state-run TRT Haber, as reported by news agencies. 

He noted that Turkey’s long-term outlook would turn into a considerably positive path after political uncertainties are cleared of in the post-referendum era. 

“We barely found a chance to implement our reform agenda in a systematic manner. By May 2017, we will accelerate the reforms,” he said. 

He added that these reforms would focus on improving tax, judicial and investment climate. 

“With the realization of these key reforms, Turkey will again go back to a 6 percent growth path,” he said. 

If the referendum ends up with a “no” vote, Turkey will miss a key opportunity, turning its risk premium “upward,” according to Şimşek. 

He also noted that Turkey’s economic rebound saw a significant boost over this year. 

“The geopolitical risks around Turkey will not last forever…We should not be pessimistic. There is a recovery in the global economy. This is encouraging, but there are also several counter-winds. Turkey will boost in a rapid manner as it makes reforms and maintains political stability,” he added.