Presidential system key for economic growth, stability: Deputy PM

ANKARA

AA Photo

A presidential system would be more suitable for Turkey to keep up with the world’s rapid pace of development, Deputy Prime Minister Mehmet Şimşek said on March 4.

“An executive presidential system is definitely more suitable to avoid leaving Turkey in the hands of coalitions and falling behind in the race for economic development,” he told the state-run Anadolu Agency in an interview which was broadcast live.

He argued the country’s opposition parties were deliberately using the issue as political fodder rather than seriously sharing ideas with the public about a possible presidential model that would fit Turkey’s needs. 

“If there is stability and the ability to enact predictable reforms, then the country will develop rapidly,” he said.        

Şimşek also said that in the wake of the 2008 global financial crisis, expectations of central banks have risen unrealistically.        

“It was expected that central banks could be like a ‘superman.’ There is no such thing,” he said. 

“There is no possibility that banks’ monetary policy could single-handedly lift up the global economy. These expectations are mistaken. Central banks can’t solve problems alone. They can [only] temporarily provide some relief and ease,” he added, as quoted by Anadolu Agency. 

Şimşek also said Turkey has lost credibility because it could not attain its inflation goals, adding that lowering inflation to below 5 percent would boost investments.

Economists see inflation - which remains well above the government’s 5 percent target - as one of Turkey’s most pressing economic problems. Data showed this week that consumer inflation fell slightly in February from the previous month, but remains at a stubbornly high 8.78 percent from the previous year.