Praised by EU, Turkey woos foreign investors

Praised by EU, Turkey woos foreign investors

BRUSSELS - Anatolia News Agency
Praised by EU, Turkey woos foreign investors

AA photo

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.

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Turkish economy a miracle, says EU Vice President Rehn