Deputy PM: Turkey entering its second 10-year growth period
by Daily Sabah
ISTANBULSep 09, 2016 - 12:00 am GMT+3
by Daily Sabah
Sep 09, 2016 12:00 am
Deputy Prime Minister Mehmet Şimşek Thursday said Turkey is on the eve of its second 10-year economic growth period, which means that the country will be experiencing stable growth for 10 years.
Noting that the government is currently trying to solve one of Turkey's most important structural problems, Şimşek said the introduction of housing accounts is an important step in that direction and all the efforts shown at the G20 meetings are directed toward the aim of getting the Turkish economy away from low growth. He also suggested that its most important engine will be structural reforms.
Stressing that serious reform efforts are needed in order to put growth back on track, Şimşek said Turkey is on the eve of its second 10-year economic cycle; and it is actually on the verge of a research and development innovation-based high growth with the exception of a few points.
Speaking to Anadolu Agency, Şimşek said, "Our prime minister gave us an assignment about how much savings will be made in the public purse, so there will be no superfluous expenses."
Meanwhile, as of Aug. 26, those who wish to purchase houses in Turkey can receive a state subsidy by opening a housing account in deposit or participation banks. Citizens who open housing accounts and make three years of regular payments will be provided with a state subsidy of up to 20 percent of their savings at the time of acquisition. The said subsidy will not exceed TL 15,000 ($5,097). The payments will be made either monthly or once every three months. The lower limit for the monthly payment is TL 250, and the upper limit is TL 2,500. Account owners will be able to make a one-time deposit of up to TL 30,000 in their accounts.
Those who want to buy houses and receive a state subsidy will be able to apply for the "housing account" system, instituted to support housing purchases for Turkish citizens living inside and outside the country.
Presenting the 65th Government Program in Parliament in May, Prime Minister Binali Yıldırım stressed that the government is carrying out accelerated work on the fourth industrial revolution and information technologies and addressed other plans to make the jump from the high-middle to high-income bracket.
According to the new government program, investments and projects will focus on science and technology, which will in turn strengthen Turkey's aerospace and defense industries as well as develop information-communication technologies with the aim of increasing Turkey's growth rate and welfare. Yıldırım also said that among the government's priorities, rapid transition to the "fourth industrial revolution" is also intended to convert Turkey into a manufacturer of high-value added goods, implementing the latest trends in the industry as developed countries do. Industry 4.0, or the fourth industrial revolution, is a term embracing a number of contemporary automation, data exchange and manufacturing technologies.
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