Turkey can escape middle-income trap by boosting exports: Şimşek

GAZİANTEP

Deputy Prime Minister Mehmet Şimşek has said Turkey can escape from the “middle-income trap,” in which a country’s growth slows after reaching middle-income levels, by following a pattern of growth based on exports.        

“The solution to the middle-income trap is exports. There is no other formula,” Şimşek stressed in a speech on July 1 in the southeastern province of Gaziantep on Turkey’s June export data, state-run Anadolu Agency reported.  

“Exports are a must for more balanced growth. Growth based solely on domestic demand has limits. For this reason, we should continue pushing our exports,” he added.      
  
Turkey needs to export for well-balanced, sustainable, and higher growth, and also escape the middle-income trap, Şimşek said.