More needs to be done to hit 2 pct G-20 additional growth target: Deputy PM

ANKARA - Reuters

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More needs to be done to achieve an additional 2 percent increase in growth over five years as targeted by G-20 countries at a summit last year in Australia, Turkey’s Deputy Prime Minister Cevdet Yılmaz said on Sept. 6.

Turkey holds the G-20 presidency this year and has just finished hosting a meeting of finance ministers in the capital Ankara, from where Yılmaz was speaking.

Yılmaz, who is Turkey’s deputy prime minister in charge of the economy, also said that an interest rate rise by the U.S. Federal Reserve (Fed) in the coming months would not have a fundamental impact on emerging markets, describing the expected move as “normalization”.

However, he said that preparations were being made for different scenarios for the Fed policy.

Emerging markets, including Turkey, have been hit by capital outflows on speculation about when the United States will increase interest rates, with yield-hungry investors moving money out of riskier investments.