WB's Zoellick: Turkey an example of succesful growth in difficult times

World Bank President Robert B. Zoellick said in Ankara yesterday that Turkey's unique growth model sets an example for world markets, most of which are currently struggling. Zoellick met with Deputy Prime Minister and former Economy Minister Ali Babacan during his visit to Ankara early yesterday. Noting that Turkey was an important economy in its region, Zoellick said the country's economic program was “very strong” because Turkey focused on “restructuring its economy with a strategic approach.” The World Bank head also recalled that Turkey has implemented very important structural reforms in its economy since the year 2002. Underscoring that there was increasing interest in Turkey's economic achievements, not only in its region but also in global markets, Zoellick underlined Turkey's growth success. Despite the positive picture he drew, Zoellick had some reservations. He said some countries were growing rapidly, while others had a relatively slower growth rate, which could be a problem. Asked about the International Monetary Fund (IMF) recently projecting only 2.5 percent growth in the Turkish economy in 2012, the World Bank director said that such estimates were not realistic for Turkey. “I guess they have miscalculated something here,” he opined.