ISTANBUL - Turkey`s state minister for economy said on Thursday that Turkey had taken remarkable steps in putting its economy in order recently.
Speaking at Forum Istanbul 2008, Simsek said Turkish economy was currently less fragile than its previous state.
"Turkey is reducing its debts slowly. Debt is no longer a concern for the country," he said.
Pointing to the importance of political stability, Simsek said the macro-economic instability stemmed from political instability in the past.
"There has been a significant decrease in Turkey`s sensitivity against shocks as well," he added.
Simsek also said Turkish banking sector`s profitability increased in recent years.
He said Turkey`s reliability increased both internally and internationally and the direct foreign investments reached a significant level.
Simsek also said that Turkey would own an economy worth nearly 950 billion USD with its purchasing power parity in 2008.
"This will probably put Turkey at the 15th place in the world and the 6th place in Europe," he said.
"Turkey is an important asset for Europe. I personally do not believe that Europe would proceed on its way without Turkey," he added.
Sending a message to the forum, Prime Minister Recep Tayyip Erdogan said Turkey took decisive steps towards becoming an active member of the new world with its unique geographical position, rich natural resources, cultural assets, as well as young and dynamic population.
Erdogan said the Turkish government succeeded in activating such potential in the best way.
(DO-MS)