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Turkey Most Suitable Candidate for Seat on IMF Executive Board

Posted on 28 October 2010

With each passing week and month Turkey continues to impress investors more and more. The Turkish economy is now one of the fastest growing economies in the world.

The latest news is that Turkish exports increased by a further 5.5% year on year in September, to 8 950 Million USD. During the same period imports increased by 25,3% and reached to 15 650 Million Dollars compared with September 2009.

Germany remains the top importer of Turkish goods with the biggest growth of 19.6%, and China the biggest export into Turkey with 1,614 million USD.

This is incredibly significant for the Turkish economy, because experts have stated that growth in domestic demand will become vital if Turkey is to continue its path of strong growth.

The biggest story this week is that Turkey could become an executive member of the International Monetary Fund.

Speaking at the G20 meeting in Gyeongju in South Korea, Dominique Strauss-Kahn IMF managing director complimented the European Union’s decision to relinquish two of its seats on the IMF’s executive board to emerging economies as a wise move and said that Turkey is a strong candidate for one of the seats.

"I think Turkey is the most suitable candidate for a post on the executive board", said Kahn, and he views were shared by many according to sources.

The IMF head went on to assess Turkey’s recent economic performance, highlighting the 7.5-8 percent growth. "I think the government is managing the economy very well", he said.

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