Die Welt: Turkey on its path towards becoming a major power

Turkey achieving double-digit growth in wake of this weekend's referendum on a major constitutional reform package, which resulted in an overwhelming approval of the Turkish nation, got broad coverage from foreign media outlets. Calling Turkey the rising country of recent years, German daily Die Welt said Turkey is on its path towards emerging as a major power. "While the EU and the Mediterranean countries suffer from a deep economic crisis, Turkey, with its population approaching 77 million, is rapidly catching up with the prosperity standards of the West," it said. In related news, boosted by private sector investments that flourished at a time of low interest rates, the Turkish economy grew at an annual rate of 10.3 percent in the second quarter, surprising even the most optimistic of economists. The rate, which matched China’s as the fastest expansion in the period among Group of 20 members, helped push national economic output above the level it reached before the global crisis hit with full force in late 2008. The increase comes after 11.7 percent growth in the first quarter. The rate of growth compared to the first quarter is at 3.7 percent after seasonal adjustment. With this result, Turkey exceeded $1 trillion of gross domestic product in current prices for the first time in its history. Commenting on Turkey's more than expected growth figures in the second quarter of this year, Deputy Prime Minister for the Economy Ali Babacan said 10.3 percent growth rate shows Turkey has become one of the most rapidly growing world countries in the post-crisis era. "Growing at the same rate with China in the second quarter of 2010, Turkey became the fastest growing economy among G-20 countries," Babacan said, adding that the government's mid-term economic program announced last year had played a key role in the country's strong economic performance. Stating that domestic demand is the driving force behind Turkey's more than estimated growth figures, Babacan also said, "Turkey's rapid recovery from the global economic crisis are reflected in many economic indicators." Achieving sustainable growth and ensuring permanent employment increase will be their fundamental goals in the coming period.