Turkish Minister: Economy under control in Turkey

Turkey’s Science, Industry and Technology Minister Nihat Ergun has said that Turkey’s growth is under control following allegations of overheating in the markets.

Ergun said: “Turkey has the necessary dynamics to surmount possible difficulties stemming from external shocks. We are currently analysing a number of scenarios to help us survive a crisis with the least problems possible.”

Some people had been sceptical following Turkey recording a growth of 11 percent in the first quarter of 2011, the world’s fastest growing economy. Some people had been worried that with widening output gaps and pressure built up, it would lead to an overheated economy; however Ergun has dismissed these fears. Even the Central Bank has stated that these comments are largely exaggerated.

According to the Ergun, the economy of Turkey is set to grow by around 7 percent this year compared with 2010. Ergun has reacted to the recent slowdown in growth as a controlled expansion of the economy, saying: “We have been saying that we should be cautious about economic growth beyond our control. This is how it should be.” He also noted that the government is aware that it should slow down the growth when necessary.

The economic climate in Turkey is currently a lot stronger than the rest of Europe. Property in Turkey and the tourism sector in Turkey presently serve the Turkish economy hugely. Buying a property in Turkey or investing in Turkey for foreign nationals is flourishing with more and more businessmen choosing Turkey for investment.

One Response to “Turkish Minister: Economy under control in Turkey”
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  1. […] Speaking at a press conference in Istanbul, Jean Pierre Vieux, general manager of Peugeot Turkey said: “Turkey has this potential. Turkey is now considered a European country. Turkey has overcome the economic problems of the crisis.” […]

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