Although the Turkish economy has been enjoying an optimistic mood over the past several years, many say it will inevitably be influenced by the crisis. At a news conference on Monday, Prime Minister Recep Tayyip Erdoğan said Turkey will avoid the adverse affects of the ongoing global crisis, sustaining only minimal damage. He noted that the economy is continuing to move toward its targets with full determination. That the Turkish economy has become more resilient to shocks thanks to a successful fiscal policy of the past years is a commonly held view; however, there is an urgent need to take action to avert or at least minimize the global crisis' effects on the Turkish economy.Sabah's Ergun Babahan thinks the era of relief in the Turkish economy, which began six years ago thanks to the single party government, the economic recipes of Kemal Derviş (a former economy minister) and the global economic situation, has come to an end -- as the large crisis the world's capitalist system is undergoing shows. Referring to economy analysts who foresee a slowing of Turkey's growth rate, estimating it at 3 percent next year, Babahan says the economic slowdown will lead to a decrease of satisfaction in society, which he thinks will start a troublesome period for the Justice and Development Party (AK Party) government following local elections scheduled for March 2009. According to Babahan, what the government should focus on in the next term is the economy.
"Every government expects praise for its actions; however, they get criticism most of the time. The important thing for the government is to learn the necessary lessons from these criticisms and show the maturity to see that criticism is an important part of a democratic culture. The government should not respond to criticism with an understanding that restricts the environment of democratic debate nor approach all criticism as ill-intentioned. More importantly, it should take the necessary steps to prevent the low-income bracket of society from being severely affected by the economic crisis, which experts say is imminent," Babahan suggests.
Star's Eser Karakaş agrees with Babahan in that constant growth in the Turkish economy over the past 26 quarters under single party rule is now helping Turkey not feel the heat of the global economic crisis very deeply; however, Turkey needs to take action to minimize the risk it faces. In this regard, he suggests what Turkey should do at the moment is attract financial resources to the country. For instance, he says, the government should finalize the Third National Program, the road map of EU reforms, at a speed which will even surprise the EU. "We are here to offer advice, and the government is there to take action," Karakaş says.
Milliyet's Hasan Cemal criticizes Prime Minister Erdoğan for not taking concrete measures in the wake of the ongoing global crisis by meeting with the relevant ministers. "I do not know how much time Erdoğan is spending dealing with this crisis, but I know one thing is sure: We will be affected by this crisis to one extent or another. The rate of economic growth, exports and the entry of capital will slow down and costs will increase on foreign loans. There is no way to avoid this; however, panic is unnecessary. If Erdoğan keeps these vital issues on his agenda and pays more heed to the global economic crisis, structural reforms in the economy and EU reforms, all this will be very beneficial," Cemal says.
