Simsek predicts three-stage recovert for Turkey

Turkey's recovery from the global economic crisis should take place in three stages, said Finance Minister Mehmet Simsek yesterday. Speaking in Istanbul to the Organization of the Islamic Conference's (OIC) Standing Committee for Economic and Commercial Cooperation (COMCEC), he said the first stage was the recent decrease in inventory stocks, along with an upcoming recovery in domestic and foreign demand to stimulate inventories. Simsek said he anticipates an increase in lending from banks by early next year, adding that this would help galvanize private sector investments. He added that the banking sector will play a crucial role in improving labor market conditions. The last phase of the recovery, Simsek continued, will come from increased and stable investments. He said the global manufacturing sectors and increase in capacity utilization would also play a crucial role in this phase. Issues such as the global financial crisis, cooperation among member states, and combating poverty will be discussed during the two-day COMCEC meeting.