Babacan: We are aiming for quality growth

Speaking at the 4th Istanbul Finance Summit, Deputy PM Ali Babacan said "We are doing fine when you look at growth figures only, but there are concerns about the quality of growth," and added that they will spend efforts to improve the quality of growth. Indicating that the fate of countries growing with debt in crisis period is obvious, Babacan said "We should first earn and then spend. We need to keep in mind that the welfare coming along with indebtedness is an artificial one. Everyone should watch out their budgets. That applies for households, banks, companies as well as states," Development Minister Cevdet Yilmaz expressed that an average annual growth of five per cent is expected in the next 10 years with an inflation rate lower than five percent. Underlining that they have been working on the 10th Development Plan for the last two years, Yilmaz added "We will gradually decline current deficit, but we are aiming for a permanent decline in the second five-year period."