Review by Christos T. Panagopoulos –
Turkey’s Deputy Prime Minister, Ali Babacan, said the government aims to create 1.8 million new jobs between 2014 and 2016, decreasing the unemployment rate to around 8.9 percent, during a presentation at the Turkish Parliament’s Planning and Budget Committee yesterday.
“We plan to grow by 4 percent in 2014, and 5 percent both in 2015 and 2016, as we announced in our latest economic outlook for the mid-term before. In this vein, we plan to create 1.8 million new jobs between 2014 and 2016, decreasing the country’s unemployment rate to around 8.9 percent,” he said.
The Turkish government announced its economic program last October, cutting its growth forecast for the 2014-2016 period, while also increasing its target of inflation and unemployment. The government has prioritized reducing the current account deficit and inflation and increasing growth and employment.
Babacan said one of the biggest problems in the global economy has now been some slowing in the emerging economies. “Specifically the slowdown in the Chinese economy has negatively affected many economies. Emerging markets are expected to grow 4.5 percent and 5.1 percent in 2013 and 2014, respectively, although these rates decrease to 3.2 percent and 4.1 percent in 2013 and 2014, respectively, when China is excluded,” he said.
According to the International Labor Organization’s (ILO) data, the number of jobless people across the world increased to 195.4 million in 2012 from 169.7 million in 2007, reaching 207 million by 2015.
The unemployment rate will be around 9.5 percent at the end of this year, said Babacan, forecasting some gradual decline in the coming years.