Turkey worries high risk of crisis-hit EU market

The head of Turkish Central Bank said that low growth expectations regarding Turkey's biggest market EU constituted a high risk for foreign demands.

Turkey worries high risk of crisis-hit EU market

 

The head official of Turkey's Central Bank said on Thursday that low growth expectations regarding Turkey's biggest market European Union (EU) constituted a high risk for foreign demands.

Speaking at a conference on monetary policies held in the western province of Denizli, Turkish Central Bank Governor Durmus Yilmaz said the recovery tendency that had arisen in the second half of 2009 continued in the first quarter of 2010, however, world economies had started to experience a slowdown again in the last couple of months.

Commenting on the effects of the situation in foreign markets on Turkish economy, Yilmaz said, "The low growth expectations regarding our biggest market EU constitutes a significant risk over foreign demands".

Noting that Turkey was listed among the fastest growing countries in the first quarter of 2010, Yilmaz said he expected such tendency to continue throughout the year.

Yilmaz said the recently announced financial data showed that the moderate recovery in Turkish economy continued, however, production was still below pre-crisis levels.

"The recovery process in production stems rather from the sectors depending on domestic demands," Yilmaz said.

The governor also noted that Turkey's diversifying its export markets had limited the effect of European economies' ongoing problems on the country's exports.

Commenting on Turkey's 11.7 percent growth figure for the first quarter of 2010 as well, Yilmaz said, "There is a remarkable growth in economy in 2010's Q1 compared to the same period of last year, however, when we look at the levels, the level our economy has reached today is slightly below the previous term's highest figures".

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Güncelleme Tarihi: 09 Temmuz 2010, 18:11
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