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Turkish incentives reaction to calls to cool economy

Turkish incentives reaction to calls to cool economy

ANKARA: Turkey’s latest package of investment incentives to boost growth is an answer to those who are calling on the government to cool down the economy, said Yiğit Bulut, senior economic adviser to President Recep Tayyip Erdoğan.

The 130 billion lira ($32 billion) package of project-based financing, will be followed by measures to reduce interest rates, Bulut said on Monday, according to Bloomberg HT television.

Erdoğan’s government is pressing ahead with measures to spur economic growth ahead of presidential, parliamentary and local elections due to be held next year. Some economists have warned that the steps, which have included tax cuts and loan support, are pushing inflation higher and widening the current account deficit, leading to economic overheating. The lira has tumbled against the dollar as a result.