Turkey among most resilient economies, IMF offical says

Turkey is not immune to the world’s current economic situation but the country is much more resilient than many other countries at the moment, according to a senior figure with the International Monetary Fund. “Despite the uncertain global outlook, Turkey is in a good position,” Mark White Lewis, the IMF’s senior resident representative to Turkey, said during the Active Academy’s 8th International Finance Summit yesterday. Turkey has already managed to prove its flexibility in applying economic and financial policies after the changes caused by the global economic crisis, Lewis said. Talking to participants, Lewis said Turkey had developed great confidence in the Turkish Lira in recent years and was relying less on foreign currency. According to the IMF official, the country was increasing its variety of exports. “The real interest rates are much lower compared with previous years and no asset bubbles are observed, which make Turkey more resilient than many countries,” said Lewis, adding that rapidly rising income per capita proved the reflection of growth in the Turkish economy on individual levels.