Turkish Private Industry Becomes Driving Force Behind Economic Growth
Turkish private industry deserves compliments for their tireless efforts in becoming the major driving force behind Turkey’s economic growth, Rifat Hisarcıklıoğlu, head of the Turkish Union of Chambers and Commodity Exchanges (TOBB), has said.
He was speaking to reporters during a meeting organized by the Economic Journalists Association (EGD) in Kocaeli on Sunday. Likening the success of the Turkish business world to the Turkish national basketball team’s recent jump in world rankings, he said: “Our businessmen started scoring more three-pointers than they used to. … Turkey owes its success for a strong comeback from the 2009 global financial crisis to its courageous entrepreneurs,” he explained.
The Turkish Statistics Institute (TurkStat) last week announced that Turkey’s gross domestic product (GDP) managed to grow by 8.9 percent last year over 2009. TurkStat data found that 54 percent of the country’s 8.9 percent annual growth in 2010 was led by private investments, which reached TL 164.3 billion in total for 2010.
Hisarcıklıoğlu said the private sector managed to cement economic growth in Turkey thanks to their success in three major fields: investment, production and employment. “Our companies did not hesitate to launch new investments, produce more and hire new personnel despite all of the problems stemming from the 2009 crisis,” he noted. According to the TOBB head, Turkey will only be able to realize its target of becoming one of the 10 largest economies in the world by 2023, the 100th anniversary of the foundation of modern Turkish Republic, through such efforts.
Referring to a central bank policy to keep bank loans at low levels, he said the banks should be able to extend loans to small and medium-sized enterprises (SMEs). “It will be better to take measures regarding such loan channels as consumer loans with high rates of non-performance rather than cutting all types of loans … but SMEs certainly do need loans.”
05 April 2011
SOURCE: TODAYS ZAMAN
