Global economic downturn still has effects on Turkey: minister

The global economic downturn has not dropped off the Turkish government's agenda as it still has effects on the country, Turkey's economy minister said.

Global economic downturn still has effects on Turkey: minister

The global economic downturn has not dropped off the Turkish government's agenda as it still has effects on the country, Turkey's economy minister said on Wednesday.

Ali Babacan, State Minister for economy, said that the crisis had taken yet another turn after Greece faced a severe debt crisis.

Speaking at a conference organized by the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Babacan said global economy was going through hard times as public debts hit historic high levels in developed countries.

"Such high public debts have been seen only during world wars. I would like to underscore that the crisis has taken yet another turn in such an atmosphere and not dropped off our agenda," Babacan said.

"It is the largest crisis of the history of modern economy. Its effects have not yet ended. Moreover, there is always a risk of facing a difficult time," he said.

At this point, Babacan said, central banks should take brave steps and measures to avoid a new wave of crisis. Babacan warned that world economy could see a new series of difficulties if governments failed to take such measures in time.


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Last Mod: 08 Aralık 2010, 13:51
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