WB's Zachau: "4.5 pct growth target for 2011 is achievable"
The government's growth target of 4.5 percent for the economy in 2011 is realistic, World Bank Turkey Director Ulrich Zachau said yesterday. "In line with the Turkish government's estimates, I expect a similar level of growth in the economy this year over 2010," he told the Anatolia news agency. Turkey's economy achieved 8.9 percent growth in 2010 over the preceding year, bettering a WB estimate of 4 percent. He said reforms carried out in Turkey since 2001 – fiscal discipline, improvements in the banking supervision system, and effective debt management – have yielded positive results for the country. "The Turkish economy has proven its resilience to external shocks," Zachau added. He also said that if Turkey continues to implement strong and tight macroeconomic policies and "gets its current account deficit under control," its credit rating could be raised to investment grade. On Turkey's export goals for 2023, the Turkish Republic's centenary, Zachau said vocational training is the key to achieving those targets.