A senior European Commission official said Sunday that Türkiye's economy is advancing steadily toward EU integration, though some weaknesses remain. Joaquin Almunia, the commissioner for Economic and Monetary Affairs, credited the country's recovery to strong private-sector investment, structural reforms, fiscal discipline, and an IMF-backed program adopted after a severe financial crisis in February 2001.
That 2001 crisis had triggered currency devaluation, soaring interest rates, a banking-sector collapse, and widespread corporate failures. Since then, Türkiye has brought inflation to its lowest level in 30 years and rebuilt a more resilient banking system. Annual economic growth has averaged above 6 percent.
Almunia cautioned, however, that the current pace of GDP expansion is still not enough to close the gap with average EU per capita income levels. He stressed that the EU accession process has provided Türkiye with stability and that macroeconomic shortcomings could be addressed within two years if reforms continue.
The commissioner identified a competitive private sector as central to long-term growth, and pointed to persistent challenges including a large informal economy, low productivity, and limited use of technology.
Historical summary. TurkishPress restated this wire report, first published in December 2006, in its own words.