Babacan: Türkiye's Economy Resilient Against External Shocks

Turkish State Minister Ali Babacan, speaking to reporters in Bali, said Türkiye's economy would remain largely insulated from both domestic and international pressures, as it had been for the previous three years. He acknowledged that external factors had driven recent turbulence in Turkish financial markets more than internal ones.

Babacan said financial analysts expect Türkiye's 2006 budget deficit to exceed original projections, citing higher oil prices and a drop in tourism revenues as the primary causes.

He reported that net capital inflows into Türkiye reached 9.8 billion USD in the first quarter of 2006, with 8.8 billion USD of that total coming from non-bank sources.

Separately, State Minister Kursad Tuzmen told the same press gathering in Bali that Türkiye leads all D-8 member countries in per capita income, foreign trade volume, and the openness of its economic policies.

Historical summary. TurkishPress restated this wire report, first published in May 2006, in its own words.