Delivering the opening speech at the 2010 Economic Expectation Panel organized by the Ankara Independent Industrialists and Businessmen’s Association (HÜRSİAD) on Tuesday, Ergün expressed his belief that the global economy as a whole would see recovery this year. “Considering the developments, we have set a modest growth rate target of around 3.5 percent for 2010 in our Medium-Term Economic Program. However, I have to tell you that this rate is the most conservative estimate regarding Turkey’s expected performance in 2010 since many international institutions have predicted growth rates near 4.5 percent,” the minister stated.
He argued that 2010 would be a very critical year and every step taken this year would have a long-lasting impact that will play a determinative role in shaping the country’s future.
Ergün also underlined the importance of the private sector’s focus on growth, noting that without its contribution, the government’s targets are not attainable. “The global crisis has dealt the worst damage to the real sector, so the government has produced suitable policies to facilitate [recovery in] the real sector by increasing domestic demand,” said Ergün, adding that measures to improve conditions for the real sector had resulted in a budget deficit of TL 52 billion. He said that although this was a large jump relative to the previous year’s numbers, the figure is reasonable since the projected deficit was TL 62.8 billion.
Also speaking at the meeting, HÜRSİAD President Rahmi Bıyık shared his expectation that the growth rate would exceed 5 percent. He said Turkey had opened its doors to alternative markets throughout the world in recent years, which he claimed attracted the criticism of some segments of society on the grounds that these moves had caused a shift in the country’s traditional orientation. “For us, the axis still stands where it should be. This comes in full accordance with the nation’s history, culture and its very essence,” he argued. Turkey is aligning itself with its historic mission, Bıyık explained, adding that Anatolians are “extremely pleased” with this development.
