World Bank head praises Turkish economy

Turkey's strategic importance in terms of its location is pivotal, and its economy has grown stronger, said World Bank President Robert Zoellick this week. "Turkey is of great importance for the economic and political stability of its region," he said in a statement during fall meetings of the bank and the International Monetary Fund. "In recent years, Turkey has taken important initiatives towards stability in its region and achieved it." Stating that Turkey has seen a remarkable economic transformation in recent years, he added, "Thanks to the recent years' structural reforms, now Turkey has a more solid and shock-proof financial system, and the country's influence on world markets is rising." Saying that Turkey could be part of a new G-7 group, along with China, India, Russia, Saudi Arabia, Brazil, Mexico and South Africa, Zoellick explained, "The new G-7 countries should convene from time to time and try to find solutions to global economic problems in cooperation with the IMF and World Bank." In related news, Turkey gets the biggest share of World Bank program loans compared to other loan-holding countries due to its performance in the use of project and program loans, WB officials said.