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From the President
Press release about the economy

U.S. and European economies   nationalised sunken credits of the banking sector, they decreased the interest rates to zero, they supported their economies with cheap money in each channel; however, they could not succeed in creating employment and ensuring sustainable growth.As a result, the global crisis began to deepen.Like closing the stable door after the horse has bolted, the international credit rating agencies downgraded credit score of not only the United States but also Japan and many European countries and thus the confidence in these countries was shaken.

In such a process, the world's economic power shifts from the centre to the east:

1-Sustainable growth with a competitive and innovative industry

Turkey needs to move to a new growth model with a competitive and innovative industry breakthrough . Turkey should achieve the innovative industry breakthrough that will create jobs by providing financial stability and this industry should succeed in being competitive.

If Turkey does not attain this, then it will continue to carry the current account deficit based on the unsustainable growth in imports as a burden and be sensitive to global risks.

2-Equivalent budget and balanced foreign trade

Turkey paid the cost of repairing the damage in the public sector before 2001 with the 2001 crisis.The budgetary discipline 'balanced budget' provided by the AKP government should be continued in the succeeding years and the situation of the European states in the cycle of debt should be taken as example. At the stage that we have reached today in terms of budget deficit and public debt burden Turkey is even better than it was in the 2008-2009 crisis.

In a world with an unfair competition environment created with the global currency war, Turkey must balance her exports with imports. The mechanism increasing the trade deficit is the same with the mechanism increasing debt, one cannot be decreased without decreasing the other.

3-Farewell to current account deficit with balanced foreign trade and low exchange rate

In an unfair international competitive environment, Turkey must bid farewell to the growing current account deficit with balanced foreign trade and low exchange rate.

4-Credit support to innovative entrepreneurs creating employment instead of foreign input dependent contract manufacturing

The cost of innovative entrepreneurs should be reduced in a global conjuncture where job creation is difficult.

The unemployment which has fallen to single digits with employment mobilisation, should be supported by lowering the cost of entrepreneurs and thus, Turkey should be in an effort to exit the 'middle-income countries' category and enter the high-income group. Otherwise, if we fall into the trap of middle income country then neither the current account deficit nor the unemployment is reduced.Bring down the cost of entrepreneurship will also promote improvement in income distribution.

The previous governments has turned Turkey into a haven of contract manufacturing dependent on foreign input. Instead, high value-added entrepreneurship should be encouraged with innovative entrepreneur support.

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