Standard & Poor's Analyst Says Social Security Reform Will Strengthen Turkey's Financial Dynamics

LONDON/ANKARA - A new Turkish bill reforming Turkey`s social security system would further strengthen the counrty`s financial dynamics, said an analyst with Standard&Poor`s, a major credit rating agency.
"Parliamentary approval of the bill confirm will Turkey`s positive economic outlook in terms of its credit rating," Farouk Soussa told the A.A.
Soussa said the bill would give a clear signal to both national and international markets that the Turkish government is determined to preserve financial discipline and that it is capable of making difficult reforms.
"And of course, the reform will increase domestic savings and reduce current account deficit," Soussa said.
The social security reform aims at decreasing social security deficit to 1 percent within the next ten years, which currently stands at 5 percent when compared to Turkey`s gross domestic product.