Turkey better be ready for hard times, bank says

After a two year of high economic performance, Turkey now should be ready for a tougher period, head of European Bank for Reconstruction and Development tells the Daily News. Still, Turkey, together with Ukraine, will rank as number two in terms of priorities of the EBRD doing business,' says Thomas Mirow. Although Turkey has enjoyed "very good years" in 2010-2011 in economic terms, the country needs to prepare for tougher times, the chief of the European Bank for Reconstruction and Development (EBRD) has said. "You will be in a difficult situation in the coming months," Thomas Mirow, president of the EBRD said in an interview with the Hürriyet Daily News on Nov. 14. Mirow had talks with officials in the Turkish Parliament, EU Minister Egemen Bagis and Energy Minister Taner Yildiz this week to test the waters, not only in the economy, but also in the political sphere. Evaluating Turkey's economy, Mirow said the country has seen impressive growth, certainly being among the front runners globally in terms of growth. "There are vulnerabilities attached to this, especially a relatively high current account deficit," he said, adding that inflation, which is high as well and a controllable amount of volatility in terms of foreign exchange.