Turkey may not meet its targets for annual growth and the budget deficit this year, Turkish Deputy Prime Minister Ali Babacan, who also heads the Economy Coordination Committee within the Cabinet, said yesterday on a TV program.
When the official target was set at 4 percent last October, prospects regarding the world economy were much better than today, Babacan said, adding that both developed and developing countries have been revising their growth targets down.
“Still, keeping our 4 percent growth target unchanged indicates that Turkey is recording a relatively better performance in growth than expected,” he said. “Growth fueled with excessive credit expansion is not sustainable and brings the adverse side effect of increasing the current account deficit.”
The deputy prime minister said there was no need for any additional measures this year as macroeconomic development, including 15-percent annual credit expansion and economic growth, are progressing as expected.
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