Babacan expects Turkey top reach pre-crisis level by end of 2010

Deputy Premier Babacan said Turkey was exiting from the crisis much quicker than many countries.

Babacan expects Turkey top reach pre-crisis level by end of 2010

 

Turkish Deputy Premier and State Minister Ali Babacan said Turkey was exiting from the crisis much quicker than many countries, estimating that the economy would come pre-crisis levels by the end of 2010.

Babacan who spoke to Kanal 24 private TV channel Friday, said they would revise the Medium Term Program once the legislation for the fiscal rule was adopted in the Parliament.

"We have hit the rock bottom during the crisis. We have not returned levels before the crisis yet. But we are quickly rising back from the bottom," said Babacan.

Babacan said Turkey grew 11.7% year-on-year in Q1 of 2010 pointing out however that Turkey contacted 14.5% in Q1 of 2009 referring to the base effect from last year.

"A balanced assessment is necessary here. We are exiting from the crisis much quicker than most countries but we have not reached the pre-crisis levels yet. When will that happen? Probably by the end of 2010," said Babacan.

He said Turkey should not deviate from the Medium Term Plan, and the goals it set for itself.

The Q1 growth figure announced by Turkey's Statistical Authority, on Wednesday, boosted Turkish government's prospects for a higher annual growth rate in 2010. Babacan said the Government was getting ready to revise upward its annual growth projection of 3.5% refusing to pronounce a specific projection yet.

Turkey's GDP recorded a 11.7% year-on-year rise in Q1 of 2010, making it the second fastest growing economy among G-20 countries after China.

This is the highest quarterly growth since the Q2 of 2004, which recorded a 11.9% growth.

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Güncelleme Tarihi: 03 Temmuz 2010, 12:07
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