Turkey to grow 0.3% in 2020, finance minister says - media

FILE PHOTO: A shopkeeper waits for customes as a man uses an ATM machine at Mahmutpasa street, a popular middle-class shopping district, in Istanbul, Turkey, July 28, 2020. REUTERS/Murad Sezer

ISTANBUL (Reuters) - Turkish Finance Minister Lutfi Elvan was quoted as saying on Tuesday that he expects the economy to grow 0.3% in 2020 as consumption, investment and exports recover.

Elvan was speaking at a meeting of the parliament’s planning and budget commission regarding the government’s budget for next year.

Under previous finance minister Berat Albayrak, Ankara had also forecast 0.3% growth this year in its medium-term economic programme, estimating a 1.5% contraction under a worst-case scenario.

State-owned Anadolu news agency also quoted Elvan as saying that Ankara will implement structural reforms to improve the investment environment for international and domestic entrepreneurs. He said Ankara aims to transfer 2 billion lira ($258.78 million) to venture capital funds by the end of 2023.

The medium-term programme had also forecast a budget deficit of 4.9% of GDP this year, but broadcaster A Para quoted Elvan as saying it will remain below that level.

It also quoted him as saying the government’s main aim is to permanently bring down inflation to single digits.

($1 = 7.7286 liras)

Reporting by Ali Kucukgocmen; Editing by Ece Toksabay and Catherine Evans