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Babacan: Asia leads world's economy

Babacan: Asia leads world's economy


Deputy Prime Minister for Economy Ali Babacan said yesterday that the developing Asian economies have been an impetus for the global economy with a 6.6 percent of growth in 2012.  According to a statement released from his office, Babacan delivered a speech during the 38th Annual Meeting of the Islamic Development Bank Group (IDB) in Tajikistan. Babacan said that the two third of global economic growth has resulted from developing Asian economies during the five-year period in which global financial crisis was effective. Babacan noted that the world economy faces high risks due to Europe's debt crisis and the deficit of medium-term financial plans of the US and Japan. Stating that Asian countries should put more effort to improve trade with other member countries of IDB and increase foreign investment for sustainable growth, Babacan added, "We are willing to improve relations with Asia."

 

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