Turkish financial sector to grow in crisis, suggests Deloitte

Today’s Zaman - Deloitte, one of the largest consulting and financial advisory firms in the world, has said the Turkish financial sector will grow in the long run, should the sector pursue effective policies amid the current global financial crisis. Recently releasing a report titled ‘Turkish Financial Sector from Past to Future’ on the current state of and future predictions for the Turkish financial sector, Deloitte said that thanks to the restructuring that started after the 2001 crisis and which is still continuing, the Turkish financial sector managed to heal many weak spots in its structure. The report said profits would decline in the financial sector in 2009 due to negative effects emerging from uncertainty in global markets. "However, the Turkish financial sector will be stronger than before, becoming a globally respected, credible sector when the crisis comes to an end" it noted. The report stressed that the Turkish banking sector will continue to be the driving force behind the country's economy. It also added that a well-established financial sector offered a haven for the Turkish economy against the destructive waves of the crisis.