Turkey will continue to make structural economic reforms and maintain fiscal discipline, Deputy Prime Minister Mehmet Simsek said Saturday.
Simsek’s comments came after Moody’s decision to lower Turkey’s credit rating from Baa3 to Ba1 early Saturday.
“Expediting the structural economic reforms and protecting the fiscal discipline will be our best answer to the credit agencies. We will keep reforms without stopping,” Simsek, who is responsible for Turkey’s economy, tweeted.
About the Turkish economy’s resilience, he said: “The fundamentals of Turkey are solid. Our economy grew 5.2 percent in the post-global financial crisis era regardless of lots of domestic and international shocks.”
He also highlighted issues of research and development, labor force market, healing of investment environment and an increase of individual savings to point out the accomplished reforms in this year.
Economy Minister Nihat Zeybekci also tweeted about the international credit agency’s decision and pointed out Turkey’s ongoing economic reforms, shock resistance and growth performance.
“Moody’s decision to decrease Turkey’s rating does not comply with macroeconomic fundamentals in any way. In an environment of a global economic slowdown, Turkish economy has grown by 3.9 percent in the first half of the year,” Zeybekci said.
He also said the Turkish economy had decreased its current account deficit and produced a budget surplus, while many other global economies went in the opposite direction.
“As opposed to Moody’s statement, neither in private sector nor in public sector experienced any deteriorations in their funding capabilities.
“We, as the government, will maintain our political solidarity without giving up market-friendly practices and improve business environment with reforms,” Zeybekci added.