In opening remarks made at a regular Government meeting, he also said that some of the "obvious" changes needed are hastening institutional reform, simplifying administrative procedures and speeding up the restructuring of State-owned enterprises and commercial banks.

The meeting discussed the nation’s socio-economic situation in the first nine months of 2014 and looked for ways to promote growth in the remaining months of the year.

The Prime Minister noted that among 15 socio-economic targets set by the National Assembly for this year, 13 are likely to be fulfilled.

The goal of creating 1.6 million jobs has almost been reached, he said, adding that the one target that cannot be met is raising the ratio of trained workers to 51 per cent of the total workforce.

The Ministry of Planning and Investment informed the meeting that in the nine-month period, the economy continued showing signs of recovery in all key sectors, with GDP growth reaching 5.62 percent, higher than the same period in the last two consecutive years.

Industrial production, especially processing and manufacturing, recorded a sharp year-on-year increase, while exports maintained high growth and a trade surplus has been achieved, the ministry said.

Inflation has been kept under control, the consumer price index has remained stable, and social welfare as well as social security and safety continued to be ensured, it reported.

Cabinet members also heard a number of reports about implementation of Government resolutions on improving business environment and competitiveness, equitisation of State-owned firms, and several other issues.