Koc: "Even without the IMF, Turkey's economy is doing well"

The government's economy team led by Deputy Prime Minister for the Economy Ali Babacan steered Turkey's economy very through the global economic crisis, said Mustafa Koc, the head of Koc Holding, one of Turkey's leading conglomerates, yesterday, adding that the country is doing well economically without International Monetary Fund support. Speaking to reporters after the opening of a Koctas home improvement store in Bursa, Koc said the world economy is going through a normalization process of recovery from the crisis, stressing that during this time optimism should be accompanied by cautious action. "The apprehensive situation caused by the crisis first gave way to a cautious optimism, and lately to strong, confident expectations," he said. "Compared with Europe, Turkey seems to enjoy remarkable advantages." At a meeting in Brazil this week held by JP Morgan, Koc told the reporters, he witnessed the admiration Turkey is seen with worldwide. Stressing the importance of taking a cautious stance in the wake of the global crisis, Koc called for Turkey to draw more foreign direct investments rather than hot money. To this end, he said, the investment environment should be improved, and the red tape on foreign investments streamlined. Stating that the measures taken after Turkey's 2001 economic crisis contributed greatly to its good economic performance in the face of global economic turmoil, Koc also said Turkey can't afford populist economic measures in the runup to next summer's general elections.