The prime minister of Turkey, Ahmet Davutoglu, has presented his new cabinet on Friday, highlighting the continuity of the economic team. The former Minister of European Affairs and career diplomat Mevlut Cavusoglu occupy Affairs portfolio, which was the previous position Devatoglu.
They keep their jobs Deputy Prime Minister Ali Babacan, who was responsible for economic affairs in the former Cabinet Minister Mehmet Simsek Finance, Economy Minister Nihay Zeybekci and Energy Minister Taner Yildiz.
The new government, which is expected to receive the approval of Parliament to grant an absolute majority of the ruling AKP, is facing a turning point in the economic field. Since the Party for Justice and Development (AKP in Turkish) came to power in 2002, the average annual growth has remained at 5%, making it one of the pillars of the popularity of the AKP and President Erdogan. The engine of that growth comes from consumer boom and construction, both largely financed with foreign capital, which has left heavily indebted households, businesses and the state, who can no longer keep pace with spending.