ANKARA - World Bank`s Country Director for Turkey Ulrick Zachau said Friday that Turkish people were better-off compared to the past, thanks to the ongoing high economic growth rates in the last 6 years.
Zachau made the opening speech of a conference co-hosted by the Turkish Treasury and the World Bank on "Sustainable Growth" in Ankara. He said WB supported Turkey`s efforts to increase its income per capita to the level of developed economies by sharing its experience and know-how as well as by sparing 6.2 billion USD of funds for future development projects.
Zachau, said the WB, in its projections, forecasted that Turkey would maintain its current trend of stability and growth. He said Turkey had been in a trend of high rate of sustainable economic growth since 2002 thanks to macro economic reforms and an economy sustained by the private sector.
Zachau said the negative effects of the mortgage crisis --which started in the U.S. in 2007-- was felt in Turkey as well but its scope was limited since Turkey had an independent Central Bank which followed a floating exchange rate policy.
Zachau said Turkey needed to create jobs, boost productivity and enhance the education level of its population for sustainable development. He said the government`s employment package could be helpful to create more jobs.
Zachau pointed out that a rise in Turkey`s productivity --which was behind EU countries-- could increase Turkey`s competitiveness. He said this could be achieved through innovations and improvement of current technologies.
(OZG-ULG)