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President Recep Tayyip Erdogan made statements on the economy after the cabinet meeting:
* In 2008, all advanced developing countries experienced a severe financial crisis that we were told to come out of as we move through this process and Turkey.
* Remember those days, in fact we more than made up for our loss in 2009 with record growth in the years to come. Then I was prime minister. We say the same for this year, since international economic organizations, which had previously painted quite negative pictures about our country, little by little began to bring their assessments closer to what we call them.
* Of course, we are not satisfied with this alone. Our main objective is to bring our country to the level it deserves in the process of global political and economic restructuring accelerated by the epidemic. World economies, where the problems of transformation of production, trade and finance into a one-center state are best seen during the epidemic period, seek a more balanced distribution of production and trade.
* Turkey, with its many advantages, is one of the leading countries in this approach. We manage our economy not only looking at the current landscape, but also taking into account this great potential.
“WE ARE PREPARED FOR DIFFERENT SCENARIOS”
* As in the last 10 years, our most important guide in the new period is the 2023 goals. With this understanding, we have built the 2021 budget on all investment, employment and export growth. I want our budget to be beneficial to our country and our nation.
* In the global economy, we are living a period that will perhaps go down in the history of the economy. The health crisis, which began with the epidemic, profoundly shakes all macroeconomic balances, regardless of the developed or developing country. Many indicators such as unemployment, trade, tourism and indebtedness reached their worst levels in history.
* With the effect of all this, the global economy is expected to contract by more than 4 percent in 2020. Of course, there are developments that bring hope to the world. Each successful step in treating the epidemic has the potential to bring a very rapid global recovery. How do we meet if, before a global state, my case against Turkey’s economy is prepared for all kinds of rigorous tests?
* For this, we will be open and cautious on realistic terrain. Above all, we will continue to support our citizens in any situation. We know very well the strengths and vulnerabilities of our economy. As we consolidate our strengths, we take the necessary steps to address our resentment. Turkey is going through a strong, long-lasting and stable post-pandemic period to enter a competitive global player.
“CONFIDENCE IN THE MANAGEMENT OF THE ECONOMY”
* I want our citizens to be in a good mood, to trust us and our economic management, despite those who constantly humiliate pessimism. We also have the necessary concrete floor for this. We grew 6.7 percent in the third quarter of the year due to the policies we implemented, credit expansion and normalization steps.
* Thus, in the third quarter it was the fastest growing country among the G20 countries and the OECD, Turkey and the European Union. However, we know that we have not yet sufficiently mobilized the employment potential of our country. We will prioritize policies that will raise employment rates in all segments, especially youth and women, to higher levels.
“TURN YOUR SAVINGS INTO TL”
* We want to encourage our people to evaluate their savings at TL. We reduced withholding rates on interest and dividends related to TL deposits and participation accounts. The retention rates will continue to apply until the end of March as 5 percent for accounts with terms of up to 6 months, 3 percent for those with a maturity of up to 1 year and 0 percent for those of more than 1 year.
* Recently, our institutions have taken market-friendly measures to increase confidence in TL-denominated assets. Since November there has been an increase in capital inflows, a decrease in risk premiums and an appreciation of TL.
* The demand for foreign currency of our citizens has also tended to decrease. I hope that all of our citizens will support our fight by converting their foreign currency savings to TL and using investments that contribute to production and employment.
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