Structural reforms to play big role in reaching functioning democracy: Babacan

Turkey needs to continue to make reforms to achieve a functioning democracy at internationally high standards while maintaining sustainable economic growth, Turkish Deputy Prime Minister Ali Babacan said March 13 at the Uluda? Economy Summit.

"The establishment of a new constitution will be one of the most significant steps for Turkey to make in the near future. The new constitution must be based on universal law norms," he said at the summit, which is being organized by the Do?an Group's economy magazines Capital and Ekonomist in the northwestern province of Bursa.

The new constitution will be a great opportunity for Turkey as long as it is based on universal legal standards, he said.

Babacan added that former Justice Minister Bekir Bozda? had shared the draft judicial reforms with members of the cabinet before he quit his ministerial position.

"One of the biggest priorities is for Turkey to realize judicial reform just after the coming elections," Babacan said.

Babacan said Turkey's 2014 growth rates would be announced at below 3 percent. The official growth numbers will be announced soon for the last year.

"We need to set higher growth targets, but we can only achieve this by making structural reforms, not by means of temporary financial and monetary policies," he said.

Turkey's growth potential is around 3 percent with its own dynamics, but each increase in exports makes a positive contribution to the country's growth, Babacan said.

"The only way for a country to grow its economy is to increase its productivity. We must focus on increasing our economic productivity," he said.

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