Economic Coordination Board convened Economic Coordination

The meeting at the Presidential Complex was attended by Minister of Treasury and Finance Mehmet Şimşek, Minister of Labor and Social Security Vedat Işıkhan, Minister of Energy and Natural Resources Alparslan Bayraktar, Minister of National Education Yusuf Tekin, Minister of Industry and Technology Mehmet Fatih Kacır, Minister of Agriculture and Forestry İbrahim Yumaklı, Minister of Commerce Ömer Bolat, AK Party Group Chairman Abdullah Güler, AK Party Deputy Chairman Mustafa Elitaş, Council of Higher Education (YÖK). President Prof. Dr. Erol Özvar, Presidential Strategy and Budget Director İbrahim Şenel, Presidential Communications Director Burhanettin Duran, AK Party Deputy Chairman Nihat Zeybekci, Central Bank of the Republic of Turkey (CBRT) President Fatih Karahan and some deputy ministers attended.

In the written statement made after the meeting, it was stated that the global economy was going through a period in which uncertainties and risks reached historical high levels and multiple shocks were experienced, and that the supply shocks and disruptions in supply chains caused by the war were suppressing the global economic outlook.

The statement emphasized that the importance of economic resilience and stability has increased in this environment, and the following was noted:

"Thanks to the economic program we have implemented, growth has reached a more balanced structure, unemployment and inflation have decreased, financial stability has been strengthened and fiscal discipline has been established. While preserving the gains we have achieved in the coming period, we will strengthen the foundations of sustainable and inclusive growth by increasing the production capacity, efficiency and competitiveness of our economy. Increasing the quantity and quality of education in our country and strengthening the education-employment connection is one of our priority policy areas. In this regard, we have been allocating the largest share of our budget to education for years. We also see the results of the policies we implement in the international indicators announced by the OECD. "According to PISA 2025 results, Turkey has increased its ranking in all areas and has become the only OECD country that has increased its performance in the last 10 years. On the other hand, many international indicators, especially scientific research performance, have improved in higher education. We expect the gains made in education to contribute significantly to the increase in productivity in our economy in the coming period."

The statement touched upon the importance of developing skills and competencies that will meet the changing needs of the labor market in this period when the world is experiencing green, digital and demographic transformation, and said, "We will continue our education and employment policies in line with technological developments, sectoral needs and our strategic priorities. Thus, we will increase the supply of qualified labor in the areas where it is needed and support productivity. We will encourage the participation of segments of people who have difficulty in participating in the workforce, especially young people and women, in employment."

It was stated that at the EKK meeting, the studies carried out to strengthen human capital were discussed, the policies planned to be implemented for the needs of the labor market were evaluated, and the impact of the revisions made within the scope of balance of payments statistics on the net errors and omissions item were discussed.

In the statement, it was stated that the relevant institutions took the necessary steps in coordination regarding the problematic funds and the following evaluations were included:

"The bill, which aims to carry out the liquidation processes fairly, transparently and under legal guarantee, was submitted to the Turkish Grand National Assembly and accepted by the Planning and Budget Commission. We envisage that the interim payments will be started as soon as possible after the proposal is discussed and enacted in the General Assembly of the Turkish Grand National Assembly. Thanks to our strong macroeconomic foundations and the policies we implement with determination, we expect the effects of the developments on the financial system and the real economy to be limited. With the measures taken, we aim to increase the reliability and efficiency of our capital markets and make our market a healthier, stronger and more durable structure. "In line with our goal of sustainable and inclusive growth in the Turkish Century, we will continue to implement policies that increase productivity, accelerate green and digital transformation, strengthen the efficiency of the labor market and ensure the spread of economic gains to large segments of society."

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)