'Turkey can become example for many'

Turkey's experience on overcoming the global financial crisis can become an example for many countries, Turkish Prime Minister Recep Tayyip Erdogan said at the V Astana Economic Forum on Wednesday.

"Turkey's experience and its medium term programmes played an important role in overcoming the consequences of the global crises," he said. "Of course, each country has its own conditions under which they are struggling with the crisis and determine their strategy for economic growth.

"However, our monetary, financial and social policy of encouraging incentives we can be an example for many countries. We can work together, promote and support each other in overcoming the global crisis."

He also stressed that the measures taken by the G-20 countries laid down barriers to the further expansion of the economic crisis.

"I think we need to continue cooperating and find global solutions to global problems," he said. "G20 countries in this issue must take an active role."

He said that the countries seriously affected by the crisis should accelerate the process of reforming their financial and economic systems.

The Turkish economy has passed through major reforms for the past 10 years. As a result of stable policy, the impact of the crisis on the economy was very low.

"There was significant progress in our bank and tax system, despite the global economic crisis," he said. "Turkey has created 3.5 million new jobs for the last two years when the greatest impact of the crisis on the world economy was felt."

In 2002 Turkey's exports amounted to $36 billion in 2002. This figure rose to $138 billion in 2008. As of 2010, Turkish exports reached a pre-crisis level of $138 billion because of the crisis.

"Today, economic growth in Turkey is very high," he said. "In 2010 GDP growth reached 8.5 per cent, which was the highest among the countries of the Organisation for Economic Cooperation and Development (OECD)."

He said that Turkey continues paying off its debts without creating additional ones. Turkey refused an additional IMF loan within the stand-by programme. Its debt to the IMF then decreased from $22 billion to $1.9 billion.

"The volume of foreign investments in the Turkish economy is $16 billion," he said.

"Encouraging incentives are being made by Turkey today to attract foreign investments. These measures make it more attractive for capital investments. We seriously support making investments and creating good conditions for attracting investments thanks to the new system of encouraging measures."


/Trend/