IMF Head sees bright future for Turkish economy

In the future, Turkey will be one of the world's most important economies, International Monetary Fund Managing Director Dominique Strauss-Kahn said yesterday. Speaking to reporters after the sixth meeting of the Turkish Investment Advisory Council in Istanbul, Strauss-Kahn said that if it adopts international standards, Turkey could stay on the path towards a higher league. The IMF head also said that Turkey has managed the global economic crisis well since the beginning, adding that the Turkish economy is currently strong. Saying that now is the time for recovery, Strauss-Kahn said the IMF would continue to watch Turkey's current account deficit, saying that fiscal discipline is very important. A final declaration issued at the close of the meeting said new reforms are needed in the investment environment in order to boost Turkey's productivity and protect its global competitive edge. The meeting brought together the chairmen, CEOs, or deputy chairmen of 18 global giants. Among the participants were Prime Minister Recep Tayyip Erdogan, Deputy Prime Minister for the Economy Ali Babacan, the IMF's Strauss-Kahn, and World Bank Vice President Philippe Le Houerou. Heads of leading Turkish business organizations, such as the Turkish Industrialists' and Businessmen's Association (TUSIAD), Turkish Union of Chambers and Commodities Exchanges TOBB), Turkish Exporters' Assembly (TIM) and International Investors' Association of Turkey (YASED), also attended.