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Prime Minister Erdogan insists global crisis’ impacts to be minimum on Turkish economy

Posted on 14 February 2011

Date: 11/12/2008
Prime Minister Erdogan insists global crisis’ impacts to be minimum on Turkish economy

The Prime Minister reiterated that the Turkey would be the least affected economy by the global credit crisis and said their aim is to increase trade.

“We are going to be the least affected country in the world. I am confident… There is one thing that we are going to do in the coming future. We will rapidly expand the already shrinking exports and our target markets,” Tayyip Erdogan told reporters in Istanbul.

Erdogan has been under fire in Turkey for underestimating the global credit crisis, and reluctant to take severe measures ahead of the local election in March 2009.

Although Turkish banking system is on solid grounds, the recent data show that the impacts of the global financial crisis started to be observed on growth as well as exports, while in the financial markets the stocks had lost value and lira fell against dollar.

Erdogan said the talks with the International Monetary Fund (IMF) on the new deal are still underway and they want to allocate the funds that would come from the Fund for the use of the manufacturers.

An IMF delegation is expected to visit Turkey after the holiday ends in December 15. A new deal with IMF is expected to be a regular stand-by with around 20 billion dollars loan.

The investments will continue and the government would take steps to boost the foreign direct investments, the Prime Minister added.

“We will make efforts to increase the investments in the countrywide. Because in these periods the investments would be cheap. Therefore it is important for our entrepreneurs to turn this into opportunity,” he said.

Erdogan also ruled out the possibility of price or tax rate increases in food.

Hurriyet Daily News – 11 December 2008

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