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Erdogan’s Ruling Party Wins Approval on Early Retirement Pledge

TURKEY
  • President Erdogan’s AK Party won parliament’s approval on a key election pledge to enable early retirement for more than 2.2 million people, Bloomberg report. The government estimated the cost of the plan at about TRY250 billion ($13.4 billion) in its first year. Erdogan has been accelerating public spending ahead of the elections, with other expansionary fiscal measures including a 50% minimum wage and providing cheap government-backed loans.
  • S&P Global’s PMI showed Turkey’s manufacturing index unchanged in February at 50.1. New orders fell to 48.6 versus 49.4 in January, its 17th consecutive month of contraction.
  • President Erdogan has reiterated the government’s pledge to build new houses for earthquake victims within one year, saying they have already started the work on constructions, Hurriyet report. “We have started to work on the necessary construction of our cities. We will be starting the construction of 309,000 houses in a few months. We ask you to give one year for this,” Erdogan said in a visit to earthquake-struck regions.
  • President Erdogan is scheduled to speak in Ankara at 0900 GMT/1200 local time.
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