Erdogan urges Turkey to improve savings

8/14/2023 5:49:17 AM

(MENAFN) Turkey need to improve savings rather than cut back on investments, the nation's vice leader urged on Friday.

Prior to the release of the nation's medium-term program, Cevdet Yilmaz stated he spoke with businesspeople, employers, as well as trade union representatives.

In addition, he stated that he would meet with members of the Turkish Union of Chambers and Commodity Exchanges and the agriculture industry.

Increasing the savings rates is one of the nation's top priorities within the context of the medium-term policy, according to Yilmaz.

"If you cannot finance investments in a country with your savings, you need external financing, so the current account deficit is related to savings," he claimed.

"Therefore, as a developing country, we should aim to increase savings, not decrease investments, our country has to develop and increase social welfare," Yilmaz also said.

According to him, the nation is developing its medium-term plan on the three pillars of budgetary restraint, monetary policies, along with structural changes.

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