Inflation In Turkey Will Not Rapidly Go Down, Unakitan

ISTANBUL - Turkey`s finance minister said Wednesday the inflation in Turkey will not rapidly go down.
Speaking at a panel discussion in Marmara University`s Faculty of Economics, Kemal Unakitan said that "no one in Turkey should expect an inflation of 4 percent".
Touching on the economic crisis in the United States, Unakitan said that Turkey must closely observe the developments taking place there.
"In the past five years, Turkey made great structural changes. As such, the Turkish economy began to be more influenced by the developments in global economies," Unakitan stressed.
"What is taking place out of Turkey will have an impact on the Turkish economy. This is unavoidable. However, if the Turkish economy gets stronger, it can effectively deal with developments globally," Unakitan said.
"Turkey has gone a long way since the economic crisis of 2001. Turkey has become an economy worth 650 billion USD. Income per capita increased significantly," Unakitan said.
Unakitan said, "developments out of Turkey pose a threat to the Turkish economy."
"Growth figures out of Turkey are going down, inflation is on the rise and capital is not widely spread. Such conditions do have a negative impact on the Turkish economy. Inflation in Turkey will not rapidly go down. We must understand this reality well. Inflation rate in Turkey may go up or down, but no one in Turkey should expect an inflation rate of 4 percent. We have to be realistic," Unakitan said.
"Growth rates in Turkey will not be like it was in the past. Growth rates of 7, 8 or 9 percent will not be realized. Just as the whole global community, we get affected by economic developments," Unakitan said.
Drawing attention to the importance of a reasonable sustainable growth, Unakitan stressed that measures to help prevent the shrinkage in the economy must be taken.
(SOL-AÖ)