WB Turkey Director: Turkey has overcome the crisis

Today’s Zaman - The World Bank's Country Director for Turkey, Ulrich Zachau, said the Turkish economy has successfully overcome the impacts of the global financial crisis and that production figures have returned to their pre-crisis levels.

Responding to questions in a press meeting, Zachau said the Turkish economy will easily be able to grow by 7 percent in 2010, adding that the unemployment rate is decreasing and could return to pre-crisis levels within the next six to nine months. He also said that as long as there is sound fiscal management, the Central Bank of the Republic of Turkey (CBRT) could successfully reach inflation targets.

Zachau was quoted as saying: "Indeed, the Turkish economy has successfully recovered from the impacts of the global credit crunch. The entire country deserves to be congratulated for the recovery since this success is a result of taking the right decisions since 2001, following those decisions in implementation, and managing the crisis well. Production has now returned to its pre-crisis level. According to our predictions, Turkey's economic growth this year will easily reach 7 percent. At the same time, the unemployment rate is steadily declining and if the current trend continues, it will also return to the pre-crisis level over the next six to nine months. On top of that, all of this is happening in the context of inflation being kept under control. As long as fiscal management continues to be strong, CBRT will easily be able to meet its inflation targets. Turkey, along with China, became the fastest growing economy in the G-20 with 10.3 percent growth in the second quarter of this year after expanding by 11.7 percent in the previous quarter.”
turkey; turkish economy; world bank; ulrich zachau; economic growth; credit crunch; g20