TODAYSZAMAN.COM – Deputy PM warns of consumption-derived risks

Deputy PM warns of consumption-derived risksDeputy Prime Minister Ali Babacan warned that Turkey will face serious risks if it does not increase its production, while speaking at the 13th General Assembly of the Association of Turkish Participation Banks (TKBB) on Tuesday. “Have we produced as much as we have been purchasing world-famous brands and shopping at malls? Have we earned such prosperity?” pondered Babacan.

“If we try to raise levels of prosperity without earning and producing, we may face severe risks. Turkey’s real estate market is very active.

This is a good thing. But regarding all these luxury apartments and shopping malls, have we produced enough to justify living in such luxury?” continued Babacan, emphasizing that focusing on production, industry and labor should be of utmost importance.

  “Spending and going into debt, importing the most luxurious automobiles while selling the ones we produce to other countries. These are not sustainable trends.

We need to have a productivity-oriented, production-based economy. Our economy should not be wasteful,” said the deputy prime minister, underlining that unnecessary debt and spending should be reduced.

 “We have a current account deficit [CAD] and are dependent on foreign oil, this is true. But these problems do not lack solutions.

There are short-term solutions to these problems,” said Babacan, referring to two crucial weak spots of the economy. Turkey has a relatively large CAD and depends almost entirely on foreign oil and natural gas imports, particularly from Russia and Iran.

SOURCE: Today’s Zaman

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