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Sabanci: "Turkey overcame the worst of the crisis thanks to its strong financial system"

Sabanci: "Turkey overcame the worst of the crisis thanks to its strong financial system"

The worst of the global economic crisis is over for Turkey thanks to its strong capital structure and sound financial system, and next year is expected to be a better year for the business world, Sabanci Holding Chairwoman Guler Sabanci said yesterday. Calling 2009 a tough year for the business world, Sabanci said the worst times were over for Turkey. She praised the three-year medium-term economic program recently announced by Deputy Prime Minister for the Economy Ali Babacan, stressing that it is crucial for businesses to plan for their future. Sabanci also praised the program for its realistic targets. The program foresees 3.5 percent growth for Turkey in 2010, Sabanci said, adding that they believe this goal will be achieved. Sabanci emphasized the importance of the International Money Fund-World Bank meetings in Istanbul next week, saying, "To our benefit, this coincides with a period when people all around the world are very sensitive about such financial issues." Pointing to the importance of G-20 meetings, Sabanci stated that the G-20 is now more important than the G-8. "The world is now agreed on the necessity of a consensus among all countries on issues of the economy and other global questions, since these issues affect all of us," she said. Sabanci also praised how the weight of developing countries such as Turkey and others from Asia has increased in institutions such as the WB and the IMF, along with the G-20 meetings.

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