Finance Minister Simsek: "Turkey will do better in possible future crises"
Finance Minister Mehmet Simsek said on Saturday that in the remote possibility that the world faced a second global economic crisis, Turkey would have shown a relatively better macroeconomic performance than other countries. Meeting with Turkish businessmen in France, he said it is important for Turkish investors abroad to join forces with non-governmental organizations in their countries, adding that they should also be steeped in the culture and legal rules and regulations. Simsek said that while the global crisis was felt in all sectors worldwide, Turkey's banking sector avoided its sting. He said that while in the 2001 Turkish crisis banks lost nearly $21 billion, they actually posted profits during the recent crisis. He added that if Turkey continues on its current path, it will become the world's ninth-biggest economy by 2040-2050, leaving behind France, Germany and Japan. This year Turkey is projected to grow 3.5 percent, but the growth rate could be as high as 5 percent, he said. Simsek said Turkey recently drew $22 billion in annual foreign investment, adding that during the crisis Turkey drew $7.6 billion of net foreign capital.