“The realization of the rule of law principle under any conditions is key both to improving our democracy and to strengthening our economy” he said at the voting session of the 2016 draft budget in parliament.
Babacan noted the establishment of confidence and stability was of great importance for economic success.
“The foundation of our stability is a democratic rule, based on national will. Only a democratic, stable environment exists long-term and is permanent. The fulfilment of the rule of law principle is of great importance here for ensuring both a democratic rule and economic success. Turkey needs to progress democratically, judicially and economically simultaneously” he added.
He noted it would become impossible for the country to reach its future targets if it lagged behind in one of these fields.
Deputy Prime Minister Mehmet Şimşek, who is now responsible for the country's economic issues, underlined the importance of reforms, adding there were three main elements of the country's reform agenda.
“These are micro-level reforms, structural macro-level reforms and the integration to the European Union process. Sectorial transformation is of crucial significance for us, so we have defined around 1,250 micro measures and will accelerate the process [of taking these measures] this year. Through the implementation of the micro reforms, Turkey will be able to not be engulfed in the middle-income trap, raise productivity levels and become much more competitive,” he said.
Şimşek added structural reforms will prepare the country for the 4.0 Industrial Revolution.