Schwab: "Turkey will probably emerge from the economic crisis stronger than before"

Turkey will likely emerge from the global financial crisis much stronger thanks to its recent successful structural reforms, said World Economic Forum Chairman Klaus Schwab yesterday. On the first day of the annual forum in Davos, Switzerland, Schwab called Turkey the leading economic and diplomatic country in its region. "As a secular country with a majority Muslim population, Turkey is capable of establishing relations with both the East and West," he said. "Turkey is in the position of a geostrategic bridge with its location along energy and trade routes between Europe and Asia. This also gives it influence on both sides." Schwab also pointed to Turkey's contributions to regional stability not only in the Middle East but also in the Caucasus, saying that Turkey can have good relations with all the countries in its region. In related news, speaking at a panel discussion in Davos, Dogus Holding's Ferit Sahenk said Turkey's economy is strong enough to weather the crisis. Pointing to the International Monetary Fund's role in the world economy in light of the crisis, he said, "The Fund can supervise the entire system and be a common platform for all countries." To this end, he said, the IMF should be given a structure that allows it to borrow money from international capital markets. He also said there should be fairer country representation within the IMF.