ANTALYA - International Monetary Fund`s (IMF) Resident Representative in Turkey Hugh Bredenkamp said on Saturday that Turkish economy has entered a brighter period with economic stability programs that Turkey has pursued in the recent years.
Bredenkamp delivered a speech at a panel in the 6th Economy Summit organized by the Tourism and Economy Scientific Research and Promotion Center (TEBIAT).
Stating that Turkey`s real net product increased by 13.5 percent in the first half of 2004, Bredenkamp said that this figure made Turkey a country whose economy was developing rapidly.
Bredenkamp said that IMF expected Turkish economy to grow 10 percent and inflation rate to be 12 percent this year, noting that they observed very strong financial policies in Turkey.
Stressing that Turkey has entered a brighter period, Bredenkamp said that Turkish government continued to work fastidiously.
Despite those good developments, Turkey faced some problems including raise in interest rates or sudden borrowing, he noted.
Bredenkamp said that sudden changes in interest rates were observed in Turkey and this affected stability in public finance, noting that there was a big deficit in Turkey`s foreign current account. Stating that he guessed that those threats would not be observed in the coming period, Bredenkamp said that they thought decision making circles caught a historical opportunity.
Stating that there was a high rate of unemployment in Turkey, Bredenkamp stressed that more job opportunities should be created in the country. Bredenkamp noted that campaigns should be carried out to encourage foreign companies to invest in the country, stating that foreign currency flow would contribute to Turkish economy.
Bredenkamp noted that there were new difficulties that Turkey has been facing, underlining that policies which would eliminate those difficulties should be pursued.
He stressed that Turkish economy should follow a strict financial discipline aiming to decrease public debt, noting that general financial policies and strategies should be formed.
Bredenkamp said that banking system should be restructured, stating that big state-owned banks should be privatized.
Bredenkamp noted that IMF would support the government`s policies in three years, adding that they were very hopeful about the decision which would be made by the European Union (EU) in December.
(EÖ-UK) 25.09.2004