4/8/2009

PM Erdogan: Turkey is better prepared for global recession than many think

The Independent (Commentators) – “The Turkish economy has been very strong since 2002, thanks to its stable macroeconomic policies, structural reforms and strong financial sector. In public finance, we have gone through some crises in the past – namely in 2002 and also in the late 1990s. These have been very serious; however, the experience has helped us confront the global financial crisis that started in 2007 and continues today. We learned our lessons from the past and we were prepared for the global crisis. Therefore, from the very first moment, it did not affect us very seriously. We have no failing banks. Turkish banks can sustain themselves without support. In addition, the social security reform and employment package we put into effect in 2008 strengthened our economy to resist such problems. With regard to the global crisis, the determined steps taken by our country and the international community, as well as the cooperation we have achieved, will result in a revival in global economic activity in the coming period. Turkey, with its strong economic structure, strategic importance, young population and high potential, will be one of the most important economies in the post-crisis period.”