Russia tensions could cost Turkey $9 billion

December 7, 2015 10:57

ISTANBUL - A worst-case scenario of "zero relations" with Russia would cost Turkey about $9 billion, and the current tension will likely shave 0.4 percent off annual output, Deputy Prime Minister Mehmet Simsek said on Monday.

Simsek, Turkey's newly appointed economy czar, also told broadcaster NTV that the government may take "remedial steps" on plans to increase the minimum wage, although it would not be prepared to shoulder the entire cost of the hike.

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