BERLIN - Turkish State Minister and chief negotiator for EU talks Ali Babacan said Saturday that foundations of Turkish economy are strong and it stands on a sound ground.
"Turkish economy is not what it is used to be," said Babacan according to German daily Frankfurter Allgemeine Zeitung.
Babacan said increase in interest rates in Turkey led to speculative capital inflow, however it was not a risk for Turkish economy.
Babacan said 10 billion USD outflew in June 2006 because of economic crisis in Brazil.
"Turkish Central Bank raised interest rates for the return of this capital. Meanwhile, suspension of 8 chapter headings in membership negotiations with EU did not affect high foreign inflow to Turkey," he said.
Babacan also stated that he would unveil a report for the continuation of reforms in Turkey and noted that this reports would include measures to exceed 10,000 USD per capita income in 2013.
Babacan said Turkey will become the sixth biggest economy of Europe in 2013.