These developments reveal that our trading partners have seen their revenues increase, translating into an improved external demand outlook for Turkey. This is conducive to the increase in our exports. During the pandemic, countries have propped up their economies with direct public expenditures, other financial aid, and incentives. Some countries have used direct public expenditures more extensively depending on the fiscal room available, while others have introduced capital, credit and other liquidity incentives. Advanced economies announced public assistance programs amounting to more than 20% of their national income. For example, in the United States, the economy has been buoyed by government spending, at a rate of 25% of GDP, and forgone revenue. In some countries such as Italy and Germany, financial assistance has comprised capital, credit and other liquidity incentives as well as fiscal policy. Developing countries have supported their economies through various measures, albeit less vigorously than developed countries. In addition to following supportive monetary, fiscal and financial policies, Turkey is among the economies that have made great progress in vaccination and proved  3  more successful in containing the pandemic, which had positive implications for Turkey’s production, investment and employment. Here, I think we can have a better understanding of each country’s economic and public health policies if we review some basic macroeconomic variables. Compared with other developing economies, Turkey’s economy has room for improvement in terms of inflation, reserves and risk premium.
Øystein Olsen: Management of the Government Pension Fund Global Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), before the Standing Committee on Finance and Economic Affairs of the Storting, Oslo, 2 May 2017. * * * In 2016, it was 20 years since the Ministry of Finance made the first capital transfer to the Government Petroleum Fund, as the Government Pension Fund Global (GPFG) was aptly named at the time. This transfer marked the start of a transformation of petroleum wealth in the form of oil and gas in the ground into financial assets invested outside Norway. Since the first capital transfer was made, the GPFG has grown considerably, to more than 2.5 times the size of GDP. The year 2016 also saw the first net withdrawal from the GPFG. Ahead, the value of the GPFG will therefore, to a greater extent than previously, depend on the return on the fund’s investments. The period of steady growth in the GPFG as a share of the economy is now probably over. The key variables determining the GPFG’s long-term performance have been specified by the Ministry of Finance and approved by the Storting. For its part, Norges Bank has developed its management assignment in accordance with the fund’s growth and in line with the owner’s mandate. At the same time, Norges Bank has focused on its role as advisor in the further development of the fund’s investment strategy.