“I believe that Turkey will resume a fast track of economic growth next year if it keeps up with structural reforms,” he stated.
Pointing out that the financial sector in Turkey is in a far better position than that of many other developed markets amidst problems due to the crisis, de Geus said the country's banking industry owes this success to measures implemented seven years ago, noting, “While the world's giant banks have sustained heavy losses and some have even collapsed, Turkish banks have managed to keep troubles at bay.” He said the Turkish state did not face extra expenditures thanks to such a strong financial structure, recalling that many countries had to spend billions of dollars to keep their banks alive. He said that with the reforms it has made to its structure, the Turkish banking industry is a role model for the finance sectors of G-20 countries as well as developed countries. Mentioning Turkey's health system, he said the country needs to have an effective control mechanism over its health expenditures as this sector places a heavy burden on the budget.
Meanwhile, Finance Minister Mehmet Şimşek, who also participated in the GES meetings, arrived back in Turkey Sunday. Having earlier been elected a member of the consultative board of the symposium, Şimşek participated in panel discussions and presented proposals for a solution to the global economic crisis. Establishing an agency to continuously monitor risks in the international markets was among suggestions Şimşek floated.
