Investors still have faith in Turkey

Economics administration has turned focus to routine agenda items as concerns after coup attempt subside, says Simsek

Investors still have faith in Turkey

World Bulletin / News Desk

The recent decline in the frequency of questions regarding the coup attempt indicates Turkey is progressing quickly on track to normalization, Deputy Prime Minister Mehmet Simsek said on Sunday.

Speaking during the IMF annual meetings in Washington, Simsek said Turkey’s economics administration had now turned its focus to routine agenda items as investor concerns that were prevalent following the July 15 coup attempt had eased recently.

"Now we have turned to routine agenda items such as growth, the current account deficit, inflation and structural reforms,” Simsek said. “It shows that Turkey’s fast recovery is also being perceived accurately by outsiders.”

Simsek said that Turkey’s perception on foreign investors remained solid despite the challenges the country had suffered so far.

“After Turkey’s rating was cut from investment grade [by Moody’s], there was a significant amount of capital inflow into the country. I mean there is net capital flow into the country,” Simsek said. “That means the credit rating cut was not taken very seriously and we should not dwell much on this issue.”

Simsek said that Turkey has a more robust growth momentum than many emerging economies and a resilient economy, which has proven itself many times.

Simsek said the lack of natural resources and low savings rates remain chronic problems and expose Turkey to external financing needs but the government introduced reforms to overcome this problem.

"We have a far-reaching reforms agenda. There is political stability and a strong government. I believe, with these supportive conditions, Turkey can outperform other emerging markets with the help of new reforms,” Simsek said.

Güncelleme Tarihi: 09 Ekim 2016, 17:48