Industry Minister Ergun foresees "long, rapid growth" ahead

Recent positive assessments of the Turkish economy by international institutions are an indication point to this year being the starting point of a "period of long and rapid growth," Industry and Trade Minister Nihat Ergun said on Tuesday. Speaking at the 2010 Economic Expectations Panel organized by the Ankara Independent Industrialists and Businessmen's Association (HURSIAD), Ergun expressed his belief that the global economy as a whole would see recovery this year. "Considering developments, we have set a modest growth rate target of around 3.5 percent for 2010 in our Medium-Term Economic Program," he explained. "However, I have to tell you that this rate is the most conservative estimate regarding Turkey's expected performance in 2010 since many international institutions have predicted growth rates near 4.5 percent." He argued that 2010 would be very critical and that every step taken this year would have a lasting impact on the country's future.