Recep Tayyip Erdogan: Turkey is better prepared for global recession than many think

Share
Related Topics

the Turkish economy has been very strong since 2002, thanks to stable macroeconomic policies, structural reforms and a strong financial sector.

In public finance, we have gone through some crises in the past – namely in 2002 and also in the late 1990s. These have been very serious, but the experience has helped us confront the global financial crisis that started in 2007 and continues today.

We learned our lessons from the past, and we were prepared for the global crisis. Therefore, from its first moment, it has not touched us very seriously. We have no failing banks. Turkish banks can sustain themselves without support. In addition, the social security reform and employment package we put into effect in 2008 strengthened our economy to resist such problems.

The state is no longer involved in investments or economic activity. Whatever [state assets] we have in our hands, we are selling. We are being criticised by the opposition for that, even insulted. But we know what we are doing is correct, and we are determined to continue to take the steps we believe are the correct ones for Turkey.

Some people say we are selling the country. People cannot see the reality. This is not our perspective – quite the contrary. We say that whatever you call it – money or capital or labour – it does not have a religion, does not have a country, does not have a nationality. Money is like mercury: whenever it finds the proper environment, a good environment for itself, it immediately flows there. That is a reality.

If you prepare that environment it will flow to you, and if you fail to do that, then it will turn its direction and go somewhere else. This is why we were determined to provide the right environment.

With regard to the global crisis, the determined steps taken by our country, and the international community, and the cooperation we have achieved, will result in a revival in global economic activity in the coming period.

Turkey, with its strong economic base, strategic importance, young population and high potential, will be one of the most important economies in the aftermath of the crisis.

This is an edited extract from an address given by HE Recep Tayyip Erdogan, Prime Minister of the Republic of Turkey at Chatham House on Friday

React Now

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs General

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Recruitment Genius: Web Hosting Support Agent

Negotiable: Recruitment Genius: One of the North West's leading web hosting pr...

Recruitment Genius: Multi-skilled Maintenance Engineer - Electrical Bias

£28000 - £30000 per annum: Recruitment Genius: Based in Grantham, Lincolnshire...

Recruitment Genius: Data Centre & Systems Support Engineers

Negotiable: Recruitment Genius: This accelerated growth ISP company is current...

Day In a Page

Read Next
 

If teenagers were keen to vote, it could transform Britain

Peter Kellner
Crocuses bloom at The Royal Botanical Gardens, Kew  

From carpets of crocuses to cuckoos on the move, spring is truly springing

Michael McCarthy
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn
Yvette Cooper: We can't lose the election. There's too much on the line

Yvette Cooper: We can't lose the election. There's too much on the line

The shadow Home Secretary on fighting radical Islam, protecting children, and why anyone in Labour who's thinking beyond May must 'sort themselves out'
A bad week for the Greens: Leader Natalie Bennett's 'car crash' radio interview is followed by Brighton council's failure to set a budget due to infighting

It's not easy being Green

After a bad week in which its leader had a public meltdown and its only city council couldn't agree on a budget vote, what next for the alternative party? It's over to Caroline Lucas to find out
Gorillas nearly missed: BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter

Gorillas nearly missed

BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter
Downton Abbey effect sees impoverished Italian nobles inspired to open their doors to paying guests for up to €650 a night

The Downton Abbey effect

Impoverished Italian nobles are opening their doors to paying guests, inspired by the TV drama
China's wild panda numbers have increased by 17% since 2003, new census reveals

China's wild panda numbers on the up

New census reveals 17% since 2003