The tight bias policy we have adopted also aims to ensure that the deficit in the current transaction balance, which has been taking place for three years, will remain controlled at 2.5–3 percent of GDP and will not increase. Controlled deficit in the current transaction balance is very vital to ensure the national economy will grow strong and balanced and job creation will continue.
Capital accumulation not only plays a pivotal role in determining the process of long-run economic growth, as was clearly evidenced by our previous international conference two years ago, but it is also an important driving force of business cycles. Although investment represents a relatively minor fraction of GDP, a major part of output fluctuations is driven by firms’ investment behaviour.