State Minister and Chief Negotiator Ali Babacan warned Monday that rumor-spreaders and economic pessimists damage Türkiye's economy, speaking at a press conference held at Treasury Undersecretariat headquarters in Ankara.
Babacan said investor and consumer confidence drives growth, and that fear causes both investment and spending to decline. He credited a stable confidence climate after 2003 with making Türkiye one of the world's fastest-growing economies over the following three years.
The minister cited private-sector investment of 74 billion YTL (at roughly 1.35 YTL to the dollar) as proof of market confidence, adding that foreign direct investment climbed from 1.8 billion USD in 2003 to 9.7 billion USD in 2005. Central Bank reserves have also reached a record high above 60 billion USD.
Public net debt fell from 78.5 percent of GNP in 2002 to 55.8 percent by end-2005, and interest rates dropped sharply over the same period, though Babacan acknowledged they remain somewhat elevated.
He also called for eliminating the informal economy, arguing that unregistered activity prevents businesses from fully accessing the banking system and reduces capital flowing into productive sectors.
Historical summary. TurkishPress restated this wire report, first published in April 2006, in its own words.