Turkey puts on the brake in economic growth

Deputy Prime Minister Ali Babacan predicts that Turkey's economy will grow by 7.5 percent this year and its growth rate will decrease in 2012 in parallel to a decline in figures in the world and Europe. Babacan and Finance Minister Mehmet Simsek announced Medium Term Program for Turkish economy in Ankara yesterday. "Sustaining the stable growth process, increasing employment, continuing the fiscal discipline, raising domestic savings, narrowing the current account deficit and as a result, strengthening the economic stability are priorities of the new program," said Babacan speaking at a press conference. He also said that Turkey would closely monitor developments in global economy and implement policies in line with its medium-term economic program, adding that the government would continue to implement policies to increase private sector's investments, direct international investments and exports.