Türkiye should increase savings instead of decreasing investments, says vice president

ISTANBUL

Türkiye should increase savings instead of decreasing investments, the country’s vice president said Friday.

Addressing a news conference, Cevdet Yilmaz said he met with business people, employers and trade union officials before the announcement of the country’s medium-term program.

He said he will also meet representatives of the agricultural sector and the Union of Chambers and Commodity Exchanges of Türkiye.

One of the country’s most important expectations within the framework of the medium-term program is to increase the savings rates, Yilmaz said.

“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 said.

“Therefore, as a developing country, we should aim to increase savings, not decrease investments, our country has to develop and increase social welfare,” he added.

The country is establishing the medium-term program on three basis which are fiscal discipline, monetary policies and structural reforms, he said.​​​​​​​

• Cevdet Yilmaz
• Fiscal discipline
• Turkiye