Turkey’s new finance minister sticks by Albayrak’s economic growth target

Turkish Treasury and Finance Minister Lütfi Elvan said the government expected the economy to grow by 0.3 percent this year.

Elvan stood by the estimate for economic expansion set by his predecessor Berat Albayrak, who he replaced a week ago.

A recovery in consumption, investment and exports will contribute positively to economic activity, Elvan said on Tuesday, according to Turkey’s state-run Anadolu news agency.  

Albayrak, the son-in-law of President Recep Tayyip Erdoğan, announced the government’s goal for economic growth this year in late September. He resigned from his post on Nov. 8. He said the economy could contract by 1.5 percent in a worst case scenario.

Elvan said the government was seeking to combat the negative effects of the COVID-19 pandemic with the help of delays to the payment of 29.4 billion liras ($3.8 billion) in tax arrears and 40 billion liras in social security charges.

Turkey will implement its economic policies in a transparent, predictable and stable manner to ensure that the country's risk premium is reduced, he said.