Erdogan: "Turkey will turn the global economic crisis into an opportunity"

Prime Minister Recep Tayyip Erdogan, with Deputy Prime Minister Nazim Ekren, Finance Minister Kemal Unakitan and State Minister for Foreign Trade Kursad Tuzmen, yesterday held a press conference to make evaluations on the recent US-originated global economic crisis and the government's measures against it. Stressing that Turkey will determinedly continue to make progress towards its economic goals as in the past six years, Erdogan said, "Our economy is strong enough to overcome the current global economic crisis with minimum damage. I believe that Turkey will turn it into an opportunity. To this end, we will continue to realize important investment projects such as making Istanbul a finance center, Southeastern Anatolia Project (GAP), and several regional development and social improvement projects." Saying that related institutions and bodies are closely and periodically monitoring banking system and financial markets' liquidity situation, Erdogan said Turkey had established a stronger financial sector thanks to the government's economic reforms.

He said, "Obviously, we cannot expect Turkey to remain completely unaffected by this global crisis because our country is considerably integrated with the global economy. However, Turkey's economy is not vulnerable against global crises and fluctuations any more. On the contrary it's very resistant against these kinds of shocks." Characterizing fiscal discipline as the basic instrument of the government's economic program, Erdogan said, "Fiscal discipline is one of our most important sources of resistance against global shocks. That's why we will determinedly continue to stick to it as in the past years." Stating that the government has frustrated fear mongers' expectations for an economic crisis in the country so far, Erdogan said that everyone should avoid from undermining Turkey's atmosphere of trust and stability.