Simsek Says Turkey Can Meet Growth Goal as Rate Cuts Push Demand

Turkish Finance Minister Mehmet Simsek said his nation’s 4 percent growth target is “achievable” as lower borrowing costs fuel domestic demand.

“The main story is the recovery of domestic demand on the back of obviously looser monetary policy, neutralish fiscal policy,” Simsek said in an interview today at the World Economic Forum in Jordan. “It’s going to be a broad-based recovery, not just driven by one sector.”

A deeper European recession could compromise Turkey’s expansion goal, Simsek added.

“We are not banking on Europe pulling out of recession in a big way and we’re not banking on a strong recovery, but certainly we have not penciled in a deeper recession in Europe,” he said. “Our numbers are reasonable and realistic on the basis that Europe doesn’t go into deeper recession.”

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