EUR
enWhat will happen to Turkey's economy under a new minister?
Turkish Finance Minister Mehmet Şimşek intends to create a new team with which he will develop a "robust program. The plan is to roll back the policy of low interest rates, which has scared away investors and increased inflation. Shimshek proposes a number of measures that could give a new impetus to the economy and strengthen financial stability.
First, interest rates should be raised and credit should be reduced. Such an approach would help reduce inflation and narrow the balance of payments deficit.
At the same time, the plan is to slow the growth of the economy as a whole and reduce imports. It is also proposed to gradually reduce strict exchange rate controls, soften financial controls and supervision in certain sectors. It is also planned to develop new tax incentives and exemptions, and to reduce the number and types of taxes levied.
In the sphere of lending, it is recommended to increase the volume of loans in national currency, paying attention to the creation of convenient conditions and preferences to attract foreign capital. Investments should be prioritized in the sectors most dependent on imports.
In general, the economic policy is focused on intensifying the rejection of imports in various sectors, where possible. The roadmap also envisages increasing the autonomy and independence of the government's economic bloc.
The combination of these measures should contribute to the stability of the system and open new prospects for economic development.
