10/4/2016
Prime Minister Binali Yıldırım Announced OVP
"We draw 2016 growth rate to 3.2% from 4.5%. In 2017-2019 period growth rate will be increased as to be not below of 5%. 2016 inflation rate envisaged to be 7.5%. Our 2017 inflation target is 6.5%. Our unemployment target for 2016 and 2017 was 10.2%. Our new target for 2016 is 10.5% and for 2017 is 9.9%. We will keep budget deficit below of 2%, 2016 budget deficit target is 1.6%. In 2017, budget deficit will increase to 1.9%, because we will increase public investments. We will start a comprehensive investment breakthrough in 2017. In 2016, percentage of public expenditures before GDP was 2.3%. We will increase this to 2.8% in 2017. "
Prime Minister Binali Yıldırım has announced 2016-2019 period 3 year Medium Term Program (OVP) and basic economic targets. OVP will reportedly be published in the Official Gazette on October 6, 2016 and 2017 budget will be submitted to the Parliament on October 17, 2016. Growth target for 2016 reduced to 3.2% According to announcement of Prime Minister Yıldırım, Turkey’s growth rate, which was earlier set to be 4.5% for 2016, reduced to 3.2%. Growth target was set to be 4.4% for 2017, 5% for 2018 and 2019. Yıldırım said, " In 2018-2019 period growth rate will be increased as to be not below of 5%". 2016 inflation ratio foreseen to be 7.5%. 2017 inflation target was set to be 6.5%. Inflation target was set as 5% for 2018 and 2019. Unemployment ratio earlier planned to be 10.2% in 2016 and 2017, envisaged to be 10.5% in 2016, 10.2% in 2017, 10.1% in 2018, 9.8% in 2019. In 2017, public investments will increase, budget deficit to be 1.9% Communicating "Budget deficit will be kept below of 2%", Prime Minister Yıldırım has noted that 2016 budget deficit target was 1.6%. In 2017, by increasing public investments, budget deficit will reach 1.9%. In 2017, a comprehensive investment breakthrough would start. Public expenditures percentage to GDP were reminded to be 2.3% in 2016 and this would reach 2.8% in 2017 upon the increase of public investments. Budget deficit target was set 1.6% for 2018, 1.3% for 2019. Percentage of current deficit to GDP targeted to be -4.3% in 2016, -4.2% in 2017, -3.9% in 2018, -3.5% in 2019. "Eximbank's support budget increased to TL3 billion" Listing macroeconomic targets as stability, comprehensive growth, lower inflation, decreasing current deficit and increasing employment, Prime Minister Binali Yıldırım has noted that they would support production, because Turkey has to produce more and sell more. They would also enhance the competition capacity and efficiency of the economy, for supporting export, support capital of Eximbank increased to TL 3 billion from TL1 billion. "Investments will continue in full speed" Communicating growth planned to increase gradually, per capita national income to increase and employment to increase, Yıldırım has noted that for this investments were needed and investments would continue in full speed. Yıldırım said, "Investments will continue, saving can be made on everything but not on investments". "No concession on fiscal discipline, public expenditures to be cut" Yıldırım has reminded that ther would be no concession on fiscal discipline and said that public expenditures would be cut. New vehicle procurement, renting building, constructing new building by public would not be allowed unless to be necessary.
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