ECONOMICS > Praised by EU, Turkey woos foreign investors

BRUSSELS - Anatolia News Agency

The miracle Turkish economy is lavishly praised by the EU, with particular emphasis on national growth and the curbing of public debt. Recently announced incentives also put Turkey the limelight for huge investments by multinational companies

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Turkey’s economy had undergone a miracle over the past ten years, especially with regard to the curbing of its public debt, according to Olli Rehn, the EU Vice President in charge of monetary and financial matters.

Rehn noted that Turkey’s financial policies and reforms had allowed it to respond to the global economic crisis in an “extraordinary” fashion.

“After the crisis, Turkey’s quick growth spurt allowed its economy to become the 16th largest in the world and as a result Turkey was accepted into the G-20,” he said.

He also stressed that Turkey’s inflation rate had dropped from 75 percent in the 1990s to 11 percent today, it public debt had been halved, and its banking sector reformed. Rehn was speaking at a panel titled “Time to Face Economic Realities: The Difficulties and Expectations Ahead for the EU and Turkey.”

Speaking at the same event, Deputy Prime Minister Ali Babacan said Turkey had implemented a policy of curbed government spending after the 2008 global economic crisis. “Time has proven us right,” he said.

Rapid growth attracts int’l industry giants to Turkey

Turkish economy a miracle, says EU Vice President Rehn


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Brit in Turkey

5/17/2012 7:53:04 PM

@rose white - Thank you for your kind comments. Certainly in my own original home area of Surrey/Sussex your 30% closure figure rings true. However I'm certain that Turkey should continue with reforms but not join the undemocratic, costly EU. As an example, everyday costs in Greece are about double those in Turkey.

rose white

5/17/2012 1:25:23 PM

I was in Istanbul in january and was amazed to see how prosperous the place looked and the most important indicator was the fact that I only saw a few closed down shops...in my UK town there are 30% of the shops closed down. If Tureky can get the trouble in the southern provinces sorted out they may well become eligible to be a full member of the EU.

Faruk Beisser

5/17/2012 11:42:50 AM

Yes, Mr.Babacan, gov't spending is certainly curbed by buying big BMWs at the cost of 237000 Euros each for the AKP bigwigs!

Red Tail

5/17/2012 10:03:28 AM

Ilker. I aggree with you that Kemal Dervis was the architect behind this and deserves more recognition. But no one forced IMF on us. We went there of our own free will and we had the option to get our money from other sources if we thought that was better. Further, over the last 10 years, IMF has actualy been involved in Turkey until only 2 years ago. So IMF has been part of Turkish fantastic economic development.

ilker avni

5/17/2012 2:08:15 AM

The real hero of turkish ecomic,s is Mr Kemal dervis,who saved Turkey from the IMF god bless you Sir.
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