Turkey's Finance Minister Albayrak confident on 2020 growth and inflation targets
"Turkey prioritises measures to keep economy solid in line with 2020 targets. I do not expect Turkish economy to face risks for now," Turkish Finance Minister Berat Albayrak stressed in the televised comments on Thursday. The ministar also pointed to that uncertainty about the global supply chain generated by the pandemic represented an opportunity for Turkey
- Economy
- Agencies and A News
- Published Date: 03:42 | 19 March 2020
- Modified Date: 05:00 | 19 March 2020
Finance Minister Berat Albayrak said on Thursday he had "no concerns" about Turkey's ability to meet its economic growth, budget and inflation targets for 2020 despite expectations of a potentially severe global recession due to the coronavirus.
In a televised interview with state-owned Anadolu news agency, Albayrak said uncertainty about the global supply chain generated by the pandemic represented an opportunity for Turkey. Ankara previously said it expects 5% economic growth this year.
Globally, the escalating virus pandemic has prompted policymakers to slash rates and open liquidity taps to stabilise economies left almost comatose due to quarantined consumers, broken supply chains, paralysed transportation and depleted shops.
ALBAYRAK: ECONOMIC GROWTH TO EXCEED EXPECTATIONS
Turkey's economic growth will exceed expectations in the first quarter with a slight slowdown in March due to the coronavirus outbreak, the finance minister said in a statement.
"Turkey prioritizes measures to keep a solid economy in line with 2020 targets," Albayrak said, in an live broadcast by Anadolu Agency in Istanbul.
Brushing aside bearish market predictions, he said: "I do not expect Turkish economy to face risks for now."
Turkey will come out of this stronger than other countries, he added.
The finance minister ruled out a possible curfew in the country as a preventive measure against coronavirus.
Giving details about a 100-billion Turkish lira ($15.4-billion) coronavirus relief package announced on Wednesday, he said it will provide a 50- to 60-billion lira ($8-9-billion) liquidity to markets over the next three months.
COVID-19 emerged in Wuhan, China last December, and has spread to at least 159 countries and territories. The World Health Organization has declared the outbreak a pandemic.
Out of over 222,000 confirmed cases, the death toll now exceeds 9,100, according to data compiled by Johns Hopkins University.
Despite the rising number of cases, most people who get infected suffer only mild symptoms and recover.