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Turkey working on new support package for SMEs

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The labour under-utilisation measure, which stood at 22.4% in July, has been falling since peaking at 29.6 percent in January 2021.

Turkey’s finance ministry said on Tuesday it was working on a Treasury-backed package to support small and medium-sized enterprises (SME) in need of collateral, in its latest step to boost the sector.

The statement attributed to Finance Minister Nureddin Nebati said the package would support SME financing needs and reinforce the government’s broader programme prioritising exports, production and employment.

Last week, Goldman Sachs raised its forecast for Turkey’s 2022 GDP growth to 5.5 percent from 3.5 percent, while lifting its 2022 current account deficit forecast to $45 billion from $36 billion.

The Turkish Central Bank’s forex reserves had risen sharply since the third week of June and with less of an external funding constraint, the investment bank said it was updating its macro forecasts and market views.